The Collaborative International Dictionary of English v.0.48:

Wallet \Wal"let\, n. [OE. walet, probably the same word as OE.
   watel a bag. See Wattle.]
   1. A bag or sack for carrying about the person, as a bag for
      carrying the necessaries for a journey; a knapsack; a
      beggar's receptacle for charity; a peddler's pack.
      [1913 Webster]

            [His hood] was trussed up in his walet. --Chaucer.
      [1913 Webster]

   2. A pocketbook for keeping money about the person.
      [1913 Webster]

   3. Anything protuberant and swagging. "Wallets of flesh."
      --Shak.
      [1913 Webster]

WordNet (r) 3.0 (2006):

wallet
    n 1: a pocket-size case for holding papers and paper money [syn:
         wallet, billfold, notecase, pocketbook]