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The bag has two pockets -- a zip pocket inside that goes all the way across the back and a pocket all the way across the base of the bag in the front (the bottom of the male part of the turnlock is visible inside the pocket. The bag is roomy 11 across by 8 high and 3 deep. I'm sure you are right that it is a convertible clutch. when would it date from? Early 90s?
Yes, convertible clutch from early 90s. They are usually easily recognizable by those dented in bottom corners.
 
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It's not lilac! (At least the bag isn't!)
I know! Lol! I was trying to figure out what the LIL/LU writer meant. But since it is on hand writing, I don't trust it. I am making a guess that the original WT is correct and stands for Wisteria. Here's a blue Chinese Wisteria that I think your bag looks like.
e97d6084ddf8339cbb84a78dd11e47f9.jpg
 
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I know! Lol! I was trying to figure out what the LIL/LU writer meant. But since it is on hand writing, I don't trust it. I am making a guess that the original WT is correct and stands for Wisteria. Here's a blue Chinese Wisteria that I think your bag looks like.
e97d6084ddf8339cbb84a78dd11e47f9.jpg
I have a 2010 Wisteria Sophia, which is sort of a purple gray. That doesn't mean anything because Coach reuses color names.
 

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I know! Lol! I was trying to figure out what the LIL/LU writer meant. But since it is on hand writing, I don't trust it. I am making a guess that the original WT is correct and stands for Wisteria. Here's a blue Chinese Wisteria that I think your bag looks like.
e97d6084ddf8339cbb84a78dd11e47f9.jpg
No, I'm pretty sure WT stands for white. Style 7542 was from 2003 and I don't think they made a wisteria. 7542 did come in a blue but it's a different shade of blue:
upload_2017-9-20_17-28-31.png

The color of the flowers is much purpler than my bag.

I'm guessing that the color is pool. (Didn't I suggest that color to Whateve last week for her bag?)
 
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No, I'm pretty sure WT stands for white. Style 7542 was from 2003 and I don't think they made a wisteria. 7542 did come in a blue but it's a different shade of blue:
View attachment 3830277

The color of the flowers is much purpler than my bag.

I'm guessing that the color is pool. (Didn't I suggest that color to Whateve last week for her bag?)

WT has always stood for White AFAIK. That goes back to at least the 1990s and probably much earlier.

As for the possible LU on the handwritten tag, there's nothing in my color codes (which should be pretty complete at least up to around 2010) for an LU code. PQ was the code for Pool.
 
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No, I'm pretty sure WT stands for white. Style 7542 was from 2003 and I don't think they made a wisteria. 7542 did come in a blue but it's a different shade of blue:
View attachment 3830277

The color of the flowers is much purpler than my bag.

I'm guessing that the color is pool. (Didn't I suggest that color to Whateve last week for her bag?)

The Hamptons Leather Buckle Demi 7542 in the picture is Chambray Blue (CB) according to the catalogs.
 
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I felt like the handle is very short in the picture, maybe it's the angle? or was there a different version as well?

Is it readily available in the outlet?

I think the handle looks shorter because of how it's laying down. Certain colors may be at the outlets now but I think it will be hit or miss. The solids were black, chalk, saddle, and nude. There were various colorblock ones like the right one in the pic above.