Two half dollars with single holes are shown to the audience. A spectator is asked to select a coin. A “Holey Half” is placed into the spectator’s hand. The magi retains the other half and it “morphs” into a solid half. When the spectator opens his hand his half has two holes.

Magi says, “Holy Cow!” as he places the morphed half on the table or the spectator’s hand. The spectator is asked to examine the half and sure enough, it has a sticker on the reverse side of a Holey Cow.

To see an animation of the effect, enlarge the picture.