Wallet vs. Billfold

The word 'wallet' has been in use since the late 14th century to refer to a bag or a knapsack for carrying articles.

A billfold is a type of wallet carried by a man that folds over. Billfold is one of those practical words that describe the function, as folding bills. It is like the kitchen cupboard, which was originally a wall attached board used to store cups and plates.

Americans call their paper money bills, even though they are really Federal Reserve Notes. Other English speaking countries call them notes.

Although billfold and wallet are used interchangeably, it is now more common to use wallet. Technically, a wallet is the type women usually carry in their purse. It has a long section where they can put money without folding it

Wallets were developed after the introduction of paper currency to the West in the 1600s. The first paper currency was introduced in the New World by the Massachusetts Bay Colony in 1690. Prior to the introduction of paper currency, coin purses, usually simple drawstring leather pouches, were used for storing coins. Early wallets were made primarily of cow or horse leather and included a small pouch for printed calling cards.

During the 1800s, in addition to money or currency, a wallet would also be used for carrying dried meat, victuals, treasures, and "things not to be exposed". Wallets originally were used by early industrial Americans. It was considered semi-civilized in 19th century America to carry a wallet attached to the belt.

Incidentally, 'share of wallet' is a marketing measurement for the proportion of money the customer spends on a product brand in preference to the competing brands.

Bottom line, all billfolds are wallets, but not all wallets are billfolds.