The Wallet in toilet bowl is a memo James Sunderland can find in Silent Hill 2. It can be found by going into the bathroom of room 203, the first room of Blue Creek Apartments. Inside is a filthy, clogged toilet that James can examine and note that he thinks he sees something among the gunk. By reaching inside, he will retrieve a wallet containing a slip of paper with a collection of numbers, a hint on how to solve the Safe Puzzle.
(The transcript varies depending on difficulty, but below is one example.)
04 >> 17 << 06 >> 11
- James fishing around in the toilet for the wallet commenced the running gag in the series of some items being placed inside of toilet bowls.