These bags were really quite popular between the 1300s and mid-1500s. It's original purpose was to hold small live animals (usually rodents) in order to feed them to hawks and such. The ring around the neck used to prevent them from scrabbling out of the bag as it created a weighted fold. The design is taken from illuminations from the 1440s, so it's historically accurate.
Hand stitched and uses period materials (wooden & bone beads, leather, waxed linen and a brass buckle).