When sandwiching two moving parallel metallic wires between both hands, one often experiences an unexpected tactile sensation known as the "velvet hand illusion" (VHI). Researchers have revealed the optimal conditions for inducing VHI, while the subjective nature of VHI remains obscure. In this study, we conducted a psychophysical experiment to investigate the quality and magnitude of the illusory sensation felt during VHI. Participants were asked to evaluate the tactile sensation of moving wires by giving tactile adjective and intensity ratings of the illusory sensation. In the same experiment, for the sake of comparison, participants also rated the sensation for various common materials one may encounter in daily life. We found that, as the intensity of the illusory sensation increased, the tactile sensation became softer, wetter, warmer, and more favorable. We also found that, when a strong illusion was reported, the sensation was similar to those for leather and fabrics rather than metallic wire, which suggests that the illusion indeed changes the perceived material category. These findings provide a better characterization of VHI as well as a better understanding of tactile texture perception.