If I had to choose a favorite piece of furniture, it would probably be the humble but infinitely useful stool, and most of all very old ones like this that have lived long, hardworking lives. I'm not an expert on old paint, but it looks to me like this one shows a couple of layers, white over red, both applied many many years ago, and perhaps corresponding to the ages of the original square head iron nails and then round head ones use as reinforcements. It's sturdy still and ready to put to work, though I might be inclined to use set it in a proud place and use it as a pedestal for ceramics or sculpture.

12" l x 8" w x 8 1/2" t.  19th c I believe. There is an old split on one of the sides and it wobbles just a little when you try, but holds sturdy under my full weight, and I am not little!