Closed box. Click on picture for bigger image.

You can see the decoration inside through the holes in the box. ALL the stitching is buttonhole, in a variety of threads. The circles are worked over curtain rings and these are placed over appliqued leather or metallic fabric.
The fastener is two decorated curtain rings, one large and one small, hidden in the design. The large fits over the small. I was surprised how many people couldn't see it!