Circus Hamper? Let me know!

I received this bad boy for a birthday present last year. I think it is some sort of clown prop for a circus??? But, am not sure, that is just my fantasy for it. The imagery on the front appears to be screen printed in parts and also hand painted. I am usually good with sourcing the origins of treasures, but this special treat has stumped me. My friends bought it off a friend who was moving out of the country, he had bought it many years ago in a antique store while taking a road trip across the country.

Please let me know if you know what it's original purpose was and value if any, since I do currently use it as a hamper in my bathroom.