A convertible display package and a wallet arranged to be hung from a support. The package includes a tray and a housing. The tray has a base wall, a peripheral side wall, an open top and a hollow interior. The wallet is located within the tray's interior. The housing is similarly constructed, except that its side wall includes a gap. The tray is arranged to be located within the housing, with its sidewall adjacent the housing's sidewall and with its open top within the housing's open top so that the wallet is visible. The tray is arranged to be slid out of the housing through the gap. A pair of magnets are provided for releasably holding the tray within the housing. The housing can be reversibly disposed with respect to the tray to form a lid with the base wall of the housing closing the open top of the tray.