The fascinating time capsule provided an intimate look into Martha's teenage years as a senior at high school over six decades ago.
It was found when demolition crew started pulling out the old cabinets from one of the science classrooms on the upper floor, which shared a wall with a set of lockers.
'Then we noticed there was this little black bag laying on the ground just covered in dust,' worker Kevin Moran told News and Tribune.
When the purse was discovered, the Greater Clark County Schools posted a call-out on Facebook.
'Lost and Found Alert: Martha Ina Ingham’s handbag from 1954 has been found in the Franklin Square demolition. We would love to return it to her or her family!' the post read.
The bag was spotted by someone who knew Ms Ingham's son and it is in the process of being returned.