I believe it's a "work basket"....used to store mending and needles and threads, scissors, darning egg, pin cushions etc.
Linda C

It looks like a knitting bin to me. The big balls of yarn go in the deep side and the smaller "tools" go in the short side.

I would use it as a knitting bin....but when it was made I believe the intention was a sewing box; there is not a lot of history on knitting boxes, because knitting was "small stuff". Yarn was fine and needles small and the items knit were mostly things like sox and mitts, lace and stockings, and mending was a constant chore.

There's a long history of finely made sewing stands, some had a wooden bin seemingly hanging below, others had a bag fastened to the bottom of a small stand which held the mending.
About 1930 or a bit before a sewing stand with slant opening top became stylish....it was called a "Priscilla" after a sewing machine of the same name, and it had a top handle so it could be easily carried from the sewing room to the parlor when the lady of the house wanted to do her mending
I had a child sized one when I was a little girl....I wonder what happened to it?
Another style of sewing stand was called a Martha Washington; it was a center stand with 2 or 3 drawers and 2 side bins with lift tops.
What you have is a sewing stand, related to a Pricilla but likely hand made for someone by a husband or father.

Thanks for the replies. I looked up your information. All of you are right but lindac with your answer I could find another online with a question with one almost the same. Thanks so much and makes total sense.