The bright-red oval is a vintage squeeze coin purse, often called a Quikey or Oval Squeeze Purse. Its flexible rubber or vinyl body conceals a narrow central slit that stays shut at rest. Press the two narrow ends together, and the sides bow outward, opening the slit so you can retrieve your change. Release your grip, and it closes again. No complicated hardware is needed—just a clever material doing exactly what it was designed to do.
Unlocking the Mystery Object: The Classic Rubber Squeeze Coin Purse