I wonder if it's a promotional item for the sewing machine company. It looks like it has little sewing machines pictured around PFAFF.

Thanks, I was thinking that, but I have never found another one on the internet or anything about it. Appreciate your response.

It may have been a premium/gift item that a sales rep would give to a buyer/store owner. I have a bunch of antique things that my dad & granpa had from various suppliers: measuring tapes, folding knives, rulers, etc.

Lots of companies/businesses still do that today, of course.

Looks like they are still giving away gifts with a purchase of a sewing machine! Here is the U.S. site: https://www.pfaff.com/en-US/Machines/Sewing

And some history and wonderful pics of old machines.

https://antiques.lovetoknow.com/behind-vintage-pfaff-sewing-machine-history-values