What kind of insulation is this??

I have never come across this type of insulation in 4 years of inspecting. Could someone please help identify it?
It’s in a 100+ year old home, it looks like pieces of a foam panel, but crushes into powder very easily.

Ok…after a little research, I believe it is Perlite.

I think your right.

Yes perlite. I am not a fan. R value is horrible. I always recommend having it removed and proper insulation be installed. The only good thing about it is that it is a safe product. No asbestos or other crap in it.
http://www.ask.com/questions-about/Perlite-Insulation

Excellent. Thanks guys.

absent vapor retarders are another issue with loose fill
http://www.naima.org/insulation-knowledge-base/residential-home-insulation/insulation-and-vapor-retarders.html