From the Super Mario Wiki, the Mario encyclopedia
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The player can acquire this item by purchasing it from an ordinary Item Shop within the two respective games. It costs thirty Coins. When purchased; the player automatically opens the Item Bag, revealing three random items. In Mario Party 3, the player using the item will hit it as if it were a Dice Block. It can contain common items or even rare items normally not available for purchase from Item Shops. In addition, the bag can contain a pair of the same items or all three different items.
If the player's inventory has one or two items, the player can only acquire one or two new items depending how many there are. The remaining item or items in the bag remain inside and then the bag is discarded.
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