I buy my "Magic Wallets" at JCrew (well JCrew outlet, let's be honest). The real "technology" of it all (and I use that word loosly) is the bands of elastic inside. You fold up your cash, coupons, and other whatnot's (I'm on a roll with today), place them on one side of the wallet, flip open the other side and WHAM! It's magically under those elastic straps (ahhh thats why they call it a Magic Wallet... more coffee please). JCrew makes them in tons of really cute preppy patterns and styles, my current wallet is yellow and blue silk (a tie remnent I'm assuming) and it's damn cute.
JCrew has solid leather ones on their site for $29.50 (with free shipping today)