Workers from Morgan Sindall unearthed the capsule while carrying out work for the Highland Council to replace the Ruthven Road Bridge near Kingussie in the Cairngorms.
The metal box contains a folded newspaper dated 22 September 1894, a paper scroll and a bottle of what appears to be whisky.
It was discovered buried deep in the bridge's pier on the southern bank of the River Spey.
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The artifacts have since been passed to staff at the Highland Folk Museum in Newtonmore.
Morgan Sindall's area director for infrastructure, Robert Ogg, said: "It is fascinating to think these items have been sitting in the bridge's structure for 121 years. The changes which have occurred since it was placed there are extraordinary.
"If you think that the bridge was being used by horses back then, it gives you a sense of the time which has passed."
The £622,000 project will see the superstructure of the existing bridge replaced to ensure it is safe to accept road traffic without weight restrictions.
The stone masonry abutments and piers will be retained and repaired where necessary to allow for the new superstructure to be installed.
Work on the bridge is expected to be complete in the autumn of 2015.
(LM)
