A king of shreds and patches what does this quote mean?

In this line from Hamlet (Act 3, Scene 4) the title character is referring to King Claudius, who had murdered his brother, Hamlet's father, and usurped the throne and queen. The phrase "shreds and patches" refers to what clowns, fakes, and knaves* wear. Hamlet is mocking Claudius, calling him a ragtag*, false king and a thief, a man of low morals and ill fortune.

* Knave: 1 archaic a : a boy servant b : a male servant c : a man of humble birth or position, 2 : a tricky deceitful fellow
* ragtag: ragged, unkempt, motley
(Merriam-Webster)

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