This is a charming storage jar with two-tone wooden bands running vertically around the container and two grooves etched horizontally. 
It has a metal lid and handle, both in excellent condition for their age (circa 1960s). The container also has a plastic liner.
It would be useful for storing kitchen condiments, such as sugar, tea or coffee.
Its spherical shape makes it quite tactile and a lovely addition to any retro-style decor.