I think the bag has a faint odor of rubber/plastic, most likely from the material or lining and the fact it's been boxed up for the last 30 or so years. The bag is sturdy and in excellent condition. Tagged as shown on the inside, has a plaque on the outside flap as well. This is a great size bag too.
It measures 14.75" tall (not incl top flap), 12" wide and 7 deep. Please reach out with any questions or if you'd like more/specific photos of anything. This is a very rare find, and with the box-- you'll never see one this great again.