Note carrier soaked and all in (6)

I believe the answer is:

wallet

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'note carrier' is the definition.
The answer and definition can be both man-made objects as well as being singular nouns.
Perhaps there's a link between them I don't understand?

I can't explain the rest of the clue.

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(Other definitions for wallet that I've seen before include "Pocket-size case" , "Notecase" , "A man's pocket-book" , "A man's pocketbpook" , "Shepherdess of rhyme" .)

I've seen this clue in The Globe and Mail.

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