From 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.
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            [His hood] was trussed up in his walet. --Chaucer.
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   2. A pocketbook for keeping money about the person.
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   3. Anything protuberant and swagging. "Wallets of flesh."
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