The Booty Bag is a type of Backpack introduced in the Shipwrecked DLC. It can be found floating in the Ocean in a random location, by digging up an X Marks the Spot, or as a reward for defeating the Quacken. In addition to providing 8 slots of storage, the Booty Bag generates a Dubloon up to once per day while being continuously worn.
Dubloons fall from the Booty Bag into the environment instead of being generated inside the Booty Bag. Dubloons will drop only after it has been equipped continuously for a day, and removing the Booty Bag even temporarily resets this wait time.
Players should be cautious around open flames or lightning when the Booty Bag is on the ground, as like the Backpack, it's a flammable item. As with the Backpack, any flammable items inside of it will be burnt to ashes upon it being burnt, dropping the rest on the spot.