A PURSE refers to a small bag designed for holding coins. It normally has a clip top whereas earlier bags designed for holding coins were a pouch with a drawstring.
WALLETS are designed to hold both paper currency and coins with the addition of a purse section.
A woman will most likely hold her purse or wallet in her handbag, while a man will carry his wallet in a pocket (trouser or coat).
In today's world the appearance needs to be both practical as well as stylish.
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