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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. [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]