[wol-it, waw-lit]
a flat, folding pocketbook, especially one large enough to hold paper money, credit cards, driver's license, etc., and sometimes having a compartment for coins.
Chiefly British. a bag for carrying food, clothing, toilet articles, etc., during a journey; knapsack or rucksack.

1350–1400; Middle English walet < ?

briefcase, handbag, pocketbook, purse, valise, wallet.
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World English Dictionary
wallet (ˈwɒlɪt)
1.  a small folding case, usually of leather, for holding paper money, documents, etc
2.  a bag used to carry tools
3.  archaic chiefly (Brit) a rucksack or knapsack
[C14: of Germanic origin; compare Old English weallian, Old High German wallōn to roam, German wallen to go on a pilgrimage]

Collins English Dictionary - Complete & Unabridged 10th Edition
2009 © William Collins Sons & Co. Ltd. 1979, 1986 © HarperCollins
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Word Origin & History

late 14c., "bag, knapsack," of uncertain origin, probably from O.Fr., perhaps from P.Gmc. *wal- "roll." Meaning "flat case for carrying paper money" is first recorded 1834, Amer.Eng.
Online Etymology Dictionary, © 2010 Douglas Harper
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Example sentences
Vote with your wallet or purse by spending your money in an eco-friendly way.
It helps to keep a stash of small bills in your wallet for cab drivers, hotel
  porters and bar staff.
That's a personal question, of course, one that's directly linked to your
It is a card sleeve that you slide your card into, and it's small so it fits in
  a wallet.
Images for wallet
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