Sell it to the Orc Librarian in the Mage College for 2000 coins if you want to get rid of it. Id rather trap beasts in it or put it on display but there is this option instead of carrying it around.

Of course, you csnt sell it until the main quest is done. Which svcks for me because I mistakenly picked it up while doing another quest, and I am not going to do the main quest due ti character concept. Plus I hate Delphine and refuse to help her. So I am just stuck with 20 lbs.

Quest item container in every house would be handy.

Quest items are weightless, despite what the tooltip says.