What does cutpurse mean?

A cutpurse is a thief, a kind of pickpocket. Back in the day, people's clothes did not have pockets built into them. They kept their money in little bags or purses which they tied to their belts. A cutpurse would sneak up on them and cut the strings that held the purse to the belt, take the purse and disappear before the victim knew it was gone.