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.
A time capsule containing items from the 1890s including what is thought to be a bottle of whisky has been uncovered by construction workers.