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These were commonly used by women as a small coin purse.
Mostly they were less ornately decorated and sometimes came with a chain attached to two corners. I believe this one was originally a plainer finish which has been decorated.
Scroll through this page and you should see a number of examples of the pillow box designs.
I've seen one decorated in a manner similar to yours on Etsy for just under US$50.
The 1930s was a common era to see these made, however, these are still being made today in places like India as tourist items. Does make it harder to determine the specific age of your item.
Even more commonly seen these days are the modern day craft equivalent.