This is a fanny pack / hip bag / belt-pack...but whatever you call it, it's a rare item. This was made in 1994, but it is seldom seen. The whole thing has a nice Sonic motif, with checker pattern strap, star bumper & rings (linked?? how odd) on top, a big logo for the front & then Robotnick chasing Sonic on the 2 side wings. While fanny packs are mostly associated with tourists these days, this would be a great one to own due to rarity. The copyright information appears on the back, but does not include maker-company or where it was sold. 

Photo discovered by Calistine