Intheevent, to answer ur quest. totally two diff bags. the large is a pretty large hobo/sling shape that can be worn very easily over the shoulder, the small is a handheld bag, that has an interior clasp pouch, kinda like a coin purse between the two leather sides.
I have it and it doesnt hold much, just my long wallet and a few random knickknacks. The large hobo holds a ton, but the shape alters depending on how full it is. Hope this helps.