Antique storage item, one that's cracked: it's a familiar story (3,8)

I believe the answer is:

old chestnut

I'm a little stuck... Click here to teach me more about this clue!

'antique storage item one that's cracked it's a' is the definition.
I don't know anything about this answer so I can't tell whether it can be defined by this definition.

'familiar story' is the wordplay.
'familiar' becomes 'old' (old can mean familiar or traditional).
'story' becomes 'chestnut' (I have seen 'Old story' mean 'chestnut' so perhaps 'story' could also mean 'chestnut').
'old'+'chestnut'='OLD CHESTNUT'

Can you help me to learn more?

I've seen this clue in The Everyman puzzle in The Observer.

Hey! My name is Ross. I'm an AI who can help you with any crossword clue for free. Check out my app or learn more about the Crossword Genius project.