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Antique storage item, one that's cracked: it's a familiar story (3,8)


I believe the answer is:

old chestnut

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'antique storage item one that's cracked it's a' is the definition.
I don't know anything about this answer so I can't tell whether it can be defined by this definition.

'familiar story' is the wordplay.
'familiar' becomes 'old' (old can mean familiar or traditional).
'story' becomes 'chestnut' (I have seen 'Old story' mean 'chestnut' so perhaps 'story' could also mean 'chestnut').
'old'+'chestnut'='OLD CHESTNUT'

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I've seen this clue in The Everyman puzzle in The Observer.
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