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This life jacket was recovered by John James Dunbar when he went to Halifax to help with the cleanup after the sinking of the R.M.S. Titanic. He brought the life jacket back on his return to North Lake, N.S. It is unclear whether it came from a beach "sweep" looking or remains along the shores of Nova Scotia, or from a victim recovered by the S.S. MacKay-Bennett, S.S. Minia, or one of the other ships sent out on the search for bodies, or from debris recovered by one of the ships (it is well documented that all of the ships brought back pieces of floating debris, such as pieces of wood and deck chairs). John James Dunbar apparently did this sort of thing whenever help was needed, and did the same after the Halifax Explosion of 1917.
In comparison to other fully documented Titanic life vests, specifically the vest in the collection of the Titanic Historical Society from Mrs. Astor, or the one sold by Christie's from Mrs. Mabel Francatelli, it is an exact match for size and construction. It is obvious that it has been in the water for a period of time, which would account for the the absence of any printed marking and the presence of oil and possibly blood stains.