The word 'wallet' has a journey from a general-purpose bag to the specific small personal item we know today. It entered English from the Anglo-Norman 'walet', denoting a knapsack or a bag for carrying provisions, often used by travelers or pilgrims. This term is thought to have Germanic roots, possibly connected to words meaning 'to roll' or 'to travel', reflecting its mobile function. Over centuries, its meaning narrowed significantly; by the 19th century, it had specialized to refer primarily to a flat case for holding paper currency, mirroring the evolution from bulky coin purses to the modern paper-based economy.

The word 'wallet' is a simplex loanword. It originates from the Middle English 'walet', which itself came from Anglo-Norman 'walet' or Old North French 'walette', meaning a bag or knapsack. Its ultimate origin is likely Germanic, related to Old English 'weall', meaning a wall or a raised surface, which could metaphorically refer to a bag's structure.