Great purse, torn (5)
I believe the answer is:
super
'great' is the definition.
(both can mean excellent)
'purse torn' is the wordplay.
'torn' indicates an anagram.
'purse' is an anagram of 'SUPER'.
(Other definitions for super that I've seen before include "Brilliant" , "Prefix meaning terrific or great" , "of high quality" , "Informally great, really up there" , "Great; wonderful" .)