Victorian Water Pitcher?

Yesterday I requested assistance in identifying the maker of an old item and was pleased to receive immediate feedback clarifying that the maker was Robert Hutton. Could anyone comment on the purpose of this item and speculate on its value? I assume that it is a water pitcher, but could be wildly off the mark. It is in extremely fine condition with no damage to the silver surfaces. There are a couple of very tiny chips on the glass facets. All of the silver elements (top and bottom bands, hinged cover, and handle) are individually marked with a lion passant.
Pitcher1.jpg

I would say that it is a claret jug - and a handsome one too.