Mainly British. A pointless and worthless argument, deriving from the image of old ladies having a handbag (purse) fight at the bus stop.
"Oh, put your handbags away".
Derives from trying to type "Hahaha" with Swype on a touchscreen smart phone. The term is flexible and can be appended with other additions, such as "holy handbags" or "Oh my handbags."
Holy handbags, I just saw a homeless dude chug a whole bottle of MD 20/20, then grab his junk.