Thought I could add some light on your great gift...they were used in the late 1800's and as others said they were display/storage cases. Yours looks like it has been refurbished, which would reduce the value, it is oak and looks like it is in very good condition. Here is one for sale in original condition.
http://www.bargainjohn.com/w340cClarksSpoolCabinet.htm
Before I was a quilter I was an antiques appraiser.