Original WWI German Kriegs-Banknotetasche trick wallet sold by the Vaterländischer Frauen-Verein to raise money for the families of fallen and disabled soldiers. It comes with a 20 mark note from 1914. This style of wallet was sort of popular in WWI. Some wear and a little waviness. Small tear by one of the bands.
Originally, you just open in and set a bill inside and close it, opening it again closes the note under the bands of the wallet. Opening it from the opposite side moves the bill. However, due to its delicate nature, I would recommend putting the bill inside the bands to start - making the wallet do the initial pull of the note has caused a small tear and continuing to do so would likely make it worse. I have a video attached of a similar wallet I had previously.