Don't get burned in the auctions by paying too much for the wrong red velvet purse.  Here's some nice big photo's of each to show their comparison. Note all the red velvet purses are the same color red velvet. The top photo was taken by a camera with brighter light & the two lower photo's were scanned. 

939 Red Flare - Red velvet purse (1962-1965) 

The Red Flare outfit red velvet purse has a "diamond" bead closure and a red braid loop, lined in white satin.  This purse is probably the easiest of the three purses shown here to locate, as it was on the market the longest - for four years - 1962-1965.  Mattel reproduced this outfit on a porcelain doll in 1993 and on a vinyl doll in 1998 along with its accessories.

Pak Purse -  Red Velvet Purse (1962-1963)

The Pak purse has a gold bead and a red braid loop, lined in white satin.  If your bead is missing . . . you'll never know which purse it actually is, as the size of this one and the one above it are the same.

This one is a little more difficult to locate but certainly obtainable - it was on the market for two years 1962 - 1963.

992 Golden Elegance - Red Velvet purse (1963) 

This purse has a gold bead with a gold ring loop that fits over the bead to close the purse, also the shape is triangular with the top opening smaller than the bottom, lined in white satin.  This photo and the one above it were scanned at the exact same size to show, that this purse is a bit smaller.  This one is the hardest to locate, as is the entire costume which was available only one year 1963.  The coat, dress and red purse were exclusive to this outfit.  Oh and scraps of the red and gold brocade fabric were used to make Guinevere's hat and shoes.