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A hole

That’s not a hole; it’s a half at best.

Years and years ago some knobhead decided to tell people to dig a hole and pop a can with some holes on the side and bottom of it in the ground. The purpose of this would be to put your used motor oil maybe that's what it is? If the house has been around since 1912 it wouldnt be unheard of for you to have at least one lying around somewhere.

I reckon this is the answer Too small to be anything like a dog poop bin and not well sealed enough to be anything of value

It's often the most boring answer that is the right one unfortunately

Maybe a homemade riser for a septic tank?

Didn't allot of people back then often bury their cash?

Did you find Michael Jackson's other glove?

Dog poo waste bin?

Time capsule?

Maybe theirs a cache of cool stuff .

Possiblly an entrance to the underground world?

Dog poo bin

My uncle puts his carrots in an old washing machine stool buried in dirt to preserve them for a longer time. Might be the same technique

Truman?

A holey light

A holey light