This clear tube with metal end-caps is a coin bank.
It is rather difficult to tell what's going on with it, because it's simply black ink on a clear background. This is from the line of merchandise that only had Sonic's eyes & nose on a solid color background. Here, they've added a simple crown above his head. The other side seems to have the winged ring with banner & likely the logo. The pen there illustrates how big it is. It's possible that this was an arcade prize type item, but little else is known about it.