The Toymaker Poncho is a very primitive, low-end piece of clothing that is great for starter players. It provides a small amount of protection from melee, bullet, and cold damage. It also provides a small amount of protection from radiation. The Toymaker Poncho is an "over" type of clothing, as it can be worn over shirts.
This is a skin for the Hide Poncho item. You will be able to apply this skin when you craft the item in game.