Billfolds were developed after the introduction of wafer-thin currency to the West in the 1600s. (The first Mens Wallets article currency was kinky in the Fashionable World by the Massachusetts Bay Colony in 1690.) Prior to the introduction of paper currency, purses (usually simple drawstring leather pouches) were acclimated for storing coins. Aboriginal wallets were imaginary primarily of cow or horse leather and included a small pouch for printed calling cards.

The modern bi-fold wallet with multiple "card slots" became standardized in the antiquated 1950s with the introduction of the first credit cards. Some innovations include the introduction of the velcro-closure wallet in the 1970s.