In mid-March the man called on the couple, claiming to need money to see his wife in hospital.
He then returned on Saturday, March 27, on the pretext of giving back the cash.
The conman entered the couple's home, near the Arboretum, after asking to use the toilet, and when he had left, they realised more cash had gone.
West Midlands Police also believe the same man has been approaching people in Walsall town centre offering to sell them tobacco or whisky.
He is described as white, in his late 20s to early 30s, with fair hair and facial stubble.
Police are reminding Walsall residents to be on their guard.
Anyone who has been approached by this man or know who he is, should contact police via Live Chat at west-midlands.police.uk, or by calling 101, quoting crime reference number 20/WS/88407N/21.
Alternatively, contact Crimestoppers anonymously on 0800 555111 or at crimestoppers-uk.org