The capsule, a metal box about the size of a shoe box, was discovered buried deep inside part of Ruthven road bridge near Kingussie in the Cairngorms.
In the box was a folded newspaper from September 1894, a paper scroll and the bottle.
The items have been donated to a museum in nearby Newtonmore.
Workers from construction and infrastructure company Morgan Sindall uncovered the capsule during work to replace the bridge under a contract from Highland Council.
Robert Ogg, of Morgan Sindall, 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."
He added: "We have actually been working with Kingussie Primary School to create our own time capsule which we hope will last as long."
The Highland Folk Museum has taken the 1800s artefacts.
The single-track road bridge spans the River Spey and links the B970 to Kingussie and the trunk road network.
The Â£622,000 construction project will see the superstructure of the existing bridge replaced.
However, the stone masonry abutments and piers will be retained and repaired where necessary.
Work on the bridge is expected to be completed later this year.

In an email from Fergus Wilson to his letting agency, leaked to The Sun, he banned "coloured" people from renting his homes "because of the curry smell".
Rebecca Hilsenrath, head of the Equality and Human Rights Commission, said the remarks were "truly disgusting" as well as unlawful.
Mr Wilson said it was "not a colour issue" but an "economic judgement".
Speaking to BBC Asian Network, Mr Wilson, who has amassed nearly 1,000 buy-to-let properties in Kent, said a property he had bought from an Indian couple cost him about Â£12,000 because the curry smell became a "massive problem" and he was forced to rip up the carpet and take the house off the market for six months.
"If that makes me racist, that makes 99% of people who buy houses racist," he said.
"How many white people are going to go into a house that smells of curry and are going to buy [it]?"
The Equality and Human Rights Commission is investigating and says it will seek legal action where necessary.
Ms Hilsenrath said: "There are still deep inequalities in our society as our race report demonstrated and these comments show why.
"As a country we all assume we have left the dark ages behind, but clearly there is more to be done.
"We will investigate and will be asking Mr Wilson to explain his actions. Unless we are satisfied that he will not break the law in the future we will take legal action".
Kent Police also said it was working to establish if any offences had taken place.
In the past, Mr Wilson evicted all 200 of his housing benefit tenants, saying he would rather have "migrants as tenants than people on benefits".
A time capsule containing items from the 1890s including what is thought to be a bottle of whisky has been uncovered by construction workers.
[NEXT_CONCEPT]
A property mogul is being investigated by the equalities watchdog over remarks about people renting properties.