Well, not much good news on this item. I couldn't find anything in my book or on the net for a canvas money bag from Coke. To my knowledge, bags were not used in the machines... at least going back to 1948. They used a metal container to collect the coins. I would guess the bags were used by the Coca-Cola dealer to collect change from the machines or maybe they were used to deposit coins to the bank from the Coke dealer.
There is a cloth money bag on eBay. This isn't what you described. This is red cloth with Coca-Cola on it and it's larger. Yours, being smaller, may indicate older. It could have been used in machines, but I don't really know. It's all guessing on my part. Anyway, collectors enjoy unique items, and what you have is not something that would be easy to get. Those specialty items, especially non-consumer things, seem to really hot.