I just bought the same wallet, from a different seller. Mine is here:
http://www.etsy.com/transaction/80290641
I was planning to wash it, so I can do so and let you know how it turns out. The best way to get rid of a smell like that is usually to wash it and let it soak, and then keep it in an enclosed small space (maybe a box?) with baking soda while it is drying to help absorb the odors.
Please do so...

Wash it how? With soap? Lol.
I want to see if washing the wallet would damage the feel of the leather or make it smaller or bigger in anyway..
But my main concern is taking away the smell.

****I just used this item listing for an example, I did not buy this item from the seller magnoliavintage****
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