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billfold vs. wallet

[ bil-fohld ]
  1. a thin, flat, folding case, often of leather, for carrying paper money in the pocket and with fewer compartments than a wallet.
  2. wallet (def. 1).
[ wol-it, waw-lit ]
  1. a flat, folding pocketbook, especially one large enough to hold paper money, credit cards, driver's license, etc., and sometimes having a compartment for coins.
  2. a bag for carrying food, clothing, toilet articles, etc., during a journey; knapsack or rucksack.

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