Bag or container holding £1 (6)
I believe the answer is:
valise
'bag' is the definition.
(valise is a kind of bag)
I don't understand how the remainder of the clue works.
Can you help me to learn more?
(Other definitions for valise that I've seen before include "A small suitcase for Leavis" , "Elvis A? (anag)" , "Small piece of luggage" , "Small overnight bag" , "Overnight case" .)