Wow. The Borrowers books were my number one favourites when I was a child, and this conjures it up so well, I'm remembering bits from the books as I'm examining the pics I, too, want to read the series again now that I've seen this!
Yes, two pieces - the part for wrapping the deck is basically just like a square with the main fabric on one side and black lining fabric on the other, kind of like a napkin I guess. The person I made it for had their deck just wrapped in a bit of fabric in a drawstring bag so I wanted to make them something a little more elegant. Then the wrapped deck just fits into the case. The case itself is made from one long piece lined with black felt, with felt panels on the sides.