There may be money in it (6)
I believe the answer is:
wallet
'there may' is the definition.
Although both the answer and definition are singular nouns, I can't understand how one could define the other.
'be money in it' is the wordplay.
'be' becomes 'wale' (I am not sure about this - if you are sure you should believe this answer much more).
'money' becomes 'l' (L can mean 'pounds').
'in' means one lot of letters goes inside another.
'it' becomes ''t' (abbreviation. e.g. in 'tis).
'wale' placed around 'l' is 'walle'.
'walle'+'t'='WALLET'
Can you help me to learn more?
(Other definitions for wallet that I've seen before include "Pocket-size case" , "A man's pocket-book" , "Pocket case for money and documents" , "Shepherdess of rhyme" , "Pocket-sized money case" .)