We propose a new wavelet compression algorithm based on the rate-distortion optimization for densely sampled triangular meshes. This algorithm includes the normal remesher, a wavelet transform, and an original bit allocation optimizing the quantization of the wavelet coefficients. The allocation process minimizes the reconstruction error for a given bit budget. As distortion measure, we use the mean square error of the normal mesh quantization, expressed according to the quantization error of each subband. We show that this metric is a suitable criterion to evaluate the reconstruction error, i.e. the geometric distance between the input mesh and the quantized normal one. Moreover, to design a useful bit allocation, we propose a model-based approach, depending on the wavelet coefficient distributions. The proposed algorithm achieves results better than state-of-the-art methods, up to +2.5 dB compared to the original zerotree coder for normal meshes.