I don't think it was in the rules, but we used to have it take 1 round to reach in and feel around to grab whatever specific thing you were looking for. If you wanted an "object interaction" or quick grab of something, we usually kept a running tally of what was in the bag, and randomized on that, larger things being more likely to be grabbed. But it was all very loosey goosey with our table.
And our DM pretty much universally gave us lots of magic items (this was Ad&d and 2e) all the time, because he took them away or destroyed them all the time. You learned not to keep very expensive stuff or anything you really needed in the bag of holding...
And our DM pretty much universally gave us lots of magic items (this was Ad&d and 2e) all the time, because he took them away or destroyed them all the time. You learned not to keep very expensive stuff or anything you really needed in the bag of holding...