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I do not like it. First, unless it comes with their name in a readable fashion, I have no idea what it is spelling. pAwwwy? pHmmy? pliiiiy? And until I see their name, I cannot quickly see that...

Or maybe a keyhole on an existing one? My effort doesn't work for me, but it's an idea.

I like the second one the best. Maybe putting the 'storage' under the cresent?

My only other inspiration was Mary Poppins handbag, as that's the first thing I think of when thinking about storing...