Green’s Dictionary of Slang

1. (N.Z. prison) the vagina when used as a recpetacle for contraband, e.g. marijuana.

2001

D. Looser Boobslang [U. Canterbury D.Phil. thesis] 84/1: handbag n. = glory box.

2. (Polari, also hambag) money.

2019

P. Baker Fabulosa 293/2: hambag, handbag money.