You mean the mica sheet? I would try to not disturb it as it can be quite fragile. It's not harmful like asbestos though. Toasters still use it as a support material for heating elements because it can handle the extreme heat.
You are pretty brave to use one of those old manual one-sided toasters (if that's what you got). It's about as close to just tasting over an open fire as you can get.
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