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From WoWWiki

Vellum is a type of paper made with inscription for use by enchanters to store enchants for later use. This allows for the trade and sale of enchantments without the enchanter and client meeting face-to-face. Different types of vellum are needed depending on the level of the item to enchant or the type of enchantment.

Types of Vellum

Vellum Enchant
Level
Armor Weapon
 [Armor Vellum]  [Weapon Vellum] 1
 [Armor Vellum II]  [Weapon Vellum II] 35
 [Armor Vellum III]  [Weapon Vellum III] 60

Notes

  • Vellums can not enchant an item in the "will not be traded" slot of the trade window.
  • Vellums were designed to allow the enchanter to sell enchants via the auction house, mail them to their alts, or other characters on the same server and same faction.