Anyone who does mentalism with cards needs to be familiar with this. It really is a classic. Easy
to do, very quick and direct, and it can get great reactions.
The downsides: you can't show
the wallet empty; the trick does take up some wallet space; once in a while, an overly skeptical
spectator will see right through the "out" that usually ends the effect. Even so, this is something
you really ought to be using at least once in a while, because it's just so easy to get a big
reaction.
There are also quite a few updates and variations to this effect that are worth
knowing about. John Archer does a great version of this... very fun to watch, but he's probably the
only one who could pull it off. Bang On is a similar effect, except you're always 100% correct.
But honestly, it's so much more cumbersome, it doesn't seem worth it. Heirloom is the same effect
that adds a backstory to stretch this out into more of a performance routine. Pocket Space is
similar in idea, but different in execution, while taking up less wallet space and always giving you
a direct hit.
As you can see, this effect has inspired many others... but this is the
effect that started it all, and for that reason alone, it's definitely worth having.