There seems to be an endless number of these small, inexpensive cases and collections that the Eberhard Faber Co. produced for students. This one is made of what feels like treated paper—not quite as strong as cloth but tougher than just regular paper.
The front flap closes with a snap and has the word “Pencils” embossed on it, rendered in a highly-stylized manner:
The pouch is sewn to create two compartments, which I thought meant that it should be folded in half perhaps to be carried in a back pocket. Instead it just makes a divider for the contents, perfect for pencils and a ruler:
I wonder if this would have been a department store item, or perhaps from the 5 and 10?