Crossword Genius

Bag or container holding £1 (6)

Ross

I believe the answer is:

valise

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'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" .)

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