Yup, very old-fashioned but incredibly warm and practical in a cold-dry climate.

I used to know a few oldtimers who wore a heavy coat like that all the time when working outdoors during the colder months. It was used both as a coat during the day and a blanket/makeshift sleeping bag at night. The only real disadvantage is that wool absorbs moisture so it's less than perfect wear for a rainy day. Of course, you can dry it over a fire any time.