This item is a container. It can hold 36 stacks.
It has an auto-collect toggle. When on, the bag will collect items that match ones present in it. E.g., if the bag has some flint and the player picks up some flint, that flint will go into the bag.
It is crafted from 8 rabbit hide, so it is advised to kill rabbits as soon as they are encountered because the drop is not common.