A more thorough explanation:

Definition: A purse is a sum of money that is offered as a prize to the winner of a contest or event.

Example: The winner of the marathon received a purse of $10,000.

Example: The purse for the spelling bee was $500.

These examples illustrate how a purse is a prize that is awarded to the winner of a competition or event. The amount of money in the purse can vary depending on the event and the number of participants.