There is nothing at the position of this object. Wolf found it on one of his early plates, and has perhaps made some kind of mistake in its position -- it does not convincingly appear on the print of that plate (see IC 2630 for a bit more about the plate). There may be a faint, smudgy defect at Wolf's position, but it is hardly more than plate grain.
Precessing this object for inclusion in the IC, Dreyer coincidentally made a 10 arcmin error in the NPD for this (compare the original NPD of this with that for IC 2720, also in Wolf's 7th list: the difference is about 14 arcmin. The difference in the IC is 4 arcmin, both in the 1860 position and in the 1900 position). Coincidentally, there is a very faint galaxy near this incorrect position which is sometimes taken for IC 2721, but it is not on Wolf's plate (a brighter star north of the galaxy is on the plate, but just barely).
Since Wolf's marks have been erased from this plate, the object he meant to include in his list is probably lost for good.