So many factors go into the quality, maintenance, and eventual life of a wallet simply down to the fact they're an item religiously used daily. If I was forced to come up with a ballpark as to how long I think the average wallet should last I'd put it around2 – 3 years.
While many wallets get a little rough around the edges with time, be prepared to replace your wallet that holds coins if this wear and tear goes too far. A threadbare or cracked wallet can make you look less polished each time you pay for something.