This is a mug shaped like a pirate's treasure chest on the rocks with tentacles on either side.

From Bauer Pottery:

"AVAST YE SCALAWAGS & THIEVES! Plunder not Squid’s Big Ol’ Booty lest ye face the tentacles of revenge! But if ye be not scalawag nor thief, then Squid’s Booty ye must grab! This Limited Edition of 100 is 6.25 inches tall and holds a comfy 16 oz + ice. Comes with a signed/numbered certificate of authenticity all packed in a screen printed box. Hand made in the USA and available exclusively from Tiki Bauer."