"In American English, a purse is a small bag, also called a handbag or a pocketbook.
In British English, a purse is a small money container similar to a wallet, but typically used by women and including a compartment for coins, with a handbag being considerably larger; indeed, a purse is often kept in a handbag.
A purse or handbag is often fashionably designed, typically used by women, and is used to hold items such as wallet, keys, tissues, makeup, a hairbrush, cellular device or personal digital assistant, feminine products, or other items."
Ref: http://en.wikipedia.org/wiki/Purse