A wallet, generally made from leather or fabric, is a small, flat case used to carry personal items such as cash, credit cards, travel card and other stuff. The word has been used as early as the fourteenth century but meant knapsack, maybe banknotes at the time were really big. The modern meaning of the term dates back to roughly 1834. In the past the 'wallet' has been used to carry dried meats, victuals and other stuff that the bearer wanted to keep private. It was also called a 'bowgett' during the Renaissance from where the word budget derives*.
We could have called this little beauty something like the "slender bender chicalicious must-have purse come clutch", or something else that the fashion mags would have picked up on. But, really, it's just a wallet. A very nicely made leather piece of craftmanship but still just a wallet. And everyone needs one, right? Plus, the history of the word 'wallet' and its uses are quite interesting and if we had called it something else we would not have been able to share the knowledge above. Enjoy!
*what would we do without wikipedia?