Ron Russell, 81, misplaced the wallet - complete with photos of his children, friends from his days as a corporal in the marines and dogs he reared as a breeder - in 1962.
He was stunned when somebody turned it into the police and it still had everything in.
His wife Pauline, 78, said: "It really is a blast from the past.
"We can't remember if there was any money in it, but there isn't any there now. We can't even remember how he lost it."
The wallet is thought to have been found in 1962 - but the person who found it did not get round to handing it in until it was recently uncovered in a house clear-out.
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