The incident happened near Specsavers in The Street, Rustington, at around 12pm on December 18.
The man was returning to his vehicle when he was approached by a woman, reportedly posing as a charity collector in support of deaf people.
The victim opened his wallet to make a donation, at which point the woman attempted to take it.
Although the man managed to retain possession of his wallet, she managed to take a larger sum of his cash before fleeing the scene.
The thief is described as being aged in her 30s or 40s, about 5ft 6in tall, with dark hair.
She was wearing a long dark coat with the hood up and was carrying a clipboard.
Anyone who witnessed the incident or has any information or CCTV from the area is urged to contact police.
Additionally, anyone who believes they may have been targeted in a similar incident is also urged to make a report.
Contact can be made online, or by calling 101, quoting reference 733 of 18/12.
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