What is it?

I found this odd material stuck in the hinge side, inside edge, of a large, old, 18 size, hunter pocketwatch case. It was hard to get out. Most of it I sort of chipped away at until this one part came loose all in one piece. It gives me the impression that it was soft when it was packed in there, but is now hardened. It seems like a fiber and a resin, or something... Tobacco? It has no smell I can detect.

Weird stuff... I have no idea what it is or why it was in there.