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You see, it is really Severians Sabretache of Super-Storing. For a description, see "Heward's Handy Haversack" in old D&D material.
What did he keep in it, anyway? The Claw until he found it, his whetstone, the letter for the Archon, flint and steel or a tender box... hmmm... I can't remember anything else...
In Sword of the Lictor, among other things, a haunch of meat and two rugs.
Seriously.
Jay