Just for Fun - What is it?

Where to begin? Something beyond the mystery of this pottery box, the whimsey, attracted me to this seemingly nonsensical piece. What is it? By Appearances a slab built box with knob on top. The only access to the interior is a small hole on one side that appears to have been drilled - may have something to do with fireing? All four verticle sides have at the center a certain decoration - a pierced knob - in the center of a painted shield - one of the knobs has a pottery tag hanging from a hemp twine - the suggestion is that all four knobs originally held similar? There is writing encircling the shields but I cannot decipher. In terms of size it measures about 4"on each side. Welcome comments, speculation!