This is what's on my needles now (um... well has been a year...um actually maybe two or three now!):
So yes it really has been there a long time but Sadie (Grandma) taught me circular knitting on my great grandmothers needles and it has been a work in progress (and a work of love) ever since. It's inspired by NotMartha's poncho that she knitted on a supposed 'long road trip' (yep mine sure has been a long 'road trip' too!!!) http://www.notmartha.org/tomake/knittingupdate.html (scroll to the bottom of the page). Oh, the needles u see in the picture weren't my Great Grandmothers, they're from Spotlight, thanks, I swapped from the Great G's to the Spotlight ones when I was enlightened by a knitting friend that a tight knit with mohair is not really ideal Australian knitwear.
Anyway, I started out using mohair I bought at Lincraft - the light gray - but ended up using Grandma's left over mohair that she used to knit and crochet all us grandkids (and maybe even the grandkids parents - ie her kids) blankets. The thing I love most about this 'poncho' is the fact that it is my grandma's wool. However the thing that is troubling me at the moment is I don't know if I would ever wear this poncho...as much as I love the wool and all?
So after discussing it with a fellow AADC member I have decided to continue on in the round with the lincraft mohair and in the mean time start my own blanket with Grandma's leftover mohair wool. I figure I will use a blanket more than a poncho and a blanket is more timeless than a poncho.