Both are new. The tags were removed on the bag. The wallet still has the tags. Here is a description from madewell website. It’s out of stock on their site. What goes into the drawstring version of our Medium Transport Tote? Here it is by the numbers: 2 pieces of fine vachetta leather are used for the body. 2 ways to carry: with the top handles or the detachable shoulder strap. 2 for 1: cinch it closed to transform it into a bucket bag. 1 interior side zip pocket to keep your keys, phone and wallet at the ready. 24: the number of hours in a day that this style looks cool. How often you'll reach for it? 500 gazillion times. Made of semi vegetable-tanned vachetta leather that burnishes with wear into a beautiful patina. Please note: As it is made of a natural material, each bag varies slightly in texture and color. Drawcord closure. Interior pocket. 8 1/5" handle drop. 13 3/4" shoulder strap. 12 1/5"H x 11"W x 5 1/2"D.