what is the liquid is in it

UHHH!, pcb's maybe?? Id seriously doubt its old enough to have oil with hazardous material in it. That stuff went out of use years ago.

Well since he didn't say, or doesn't know how old the coil IS, it might just BE PCB infested oil.

Transformer oil an be as simple as vegetable oil. I'm not sure where you would get a small amount. If you have a "friendly" small townish local power company, you might talk them out of a bit

The SIMPLE answer is to replace the coil