It is a beer can; I believe this is one that you had to use a "church key" to open the top. These were produced for Princeton University's class of 1949, and seems to have been a (nearly) yearly tradition.
Theres at least 10 different variations of this can with yours being the most common. most of them will say something or have a slogan under the sleeping tiger. Out of the 10 different variations with this sleeping tiger I think they were handed out at the reunion as drinking cups with no tops, some with or with out handles. LEON.