Yes, its a morning coat - to be worn with striped trousers, grey vest, ascot tie, and alternatively a grey felt topper instead of black silk. Commonly worn for formal weddings in the 1950s (I think JFK wore one when he married Jackie) because technically tuxedos are actually only semi-formal (believe it or not!) otherwise they were only worn by dignataries like ambassadors, mayors etc. for special events.