Electronic – this waxy stuff

board

I just opened up an old piece of electronics. While salvaging, I found a board with this waxy stuff on it? What is this and what is its use?

A Picture of the Board

P.S. The substance I am talking about is the lightly tanned wax on the top right of the board.

Best Answer

Am guessing that the wax-covered part of the circuit is a radio-frequency oscillator. The coil of wire has been hand-tuned by spreading its turns so that the oscillator frequency matches up with other (transmitting? receiving?) equipment. The wax stabilizes this coil so that it doesn't shift frequency.
Disturbing the wax can de-tune the oscillator.