Can someone please explain my joke for me?

Long ago there was a mohel who performed more circumcisions than all other mohels. One day he was talking to a friend of his and the friend asked, "You've performed so many circumcisions, what do you the foreskins?" The mohel replied "Ah, well, you see, I've made a wallet from them all. The friend, puzzled said, "You've circumsised so many children, you must have collected dozens of foreskins, and all you have made is a wallet?" And the mohel replied, "I know it's just a wallet. But when you rub it, it turns into a briefcase."

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