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IMHO, the wallet would indeed represent the sub-conscious memories, but as something carried by the soul. It would be a visual way of showing that those memories are stores in the soul, but they are not the soul per se.

I'm hardly a scholar of Western occultism, but we all know that by Waite's time it was heavily influenced by India. The idea of the memories carried by the soul brings to mind what some Buddhist schools call the ālaya consciousness, where karma is stored together with the subconscious memories of all your past lives. All schools of thought in India, Buddhist, Hindu or otherwise, concur in that the real soul, emanation, Atman or whatnot, is something other than that.

So the Fool would be the Soul, and his wallet would be literally his baggage, karmic or otherwise.
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