The Collaborative International Dictionary of English v.0.48:

Cutpurse \Cut"purse`\ (k[u^]t"p[^u]rs`), n.
   One who cuts purses for the sake of stealing them or their
   contents (an act common when men wore purses fastened by a
   string to their girdles); one who steals from the person; a
   pickpocket
   [1913 Webster]

         To have an open ear, a quick eye, and a nimble hand, is
         necessary for a cutpurse.                --Shak.
   [1913 Webster]

WordNet (r) 3.0 (2006):

cutpurse
    n 1: a thief who steals from the pockets or purses of others in
         public places [syn: pickpocket, cutpurse, dip]