The Collaborative International Dictionary of English v.0.48:

handbag \hand"bag`\ n.
   a small bag usually made of cloth, leather or a similar
   imitation material, and often having a strap to permit
   carrying it by slinging it over a shoulder, used by women to
   carry money and small personal items or accessories; as, she
   had to search under the cosmetics, hankies, and medicines in
   her handbag to find a comb.

   Syn: bag, pocketbook, purse.
        [WordNet 1.5]

WordNet (r) 3.0 (2006):

handbag
    n 1: a container used for carrying money and small personal
         items or accessories (especially by women); "she reached
         into her bag and found a comb" [syn: bag, handbag,
         pocketbook, purse]