This is a version of the classic four-coin matrix effect. Four coins are tipped from a purse, placed out in a square and then covered with the four Aces.
One at a time, three of the Aces are lifted to reveal that the coin they were covering has vanished. People expect all four coins to have collected beneath the fourth Ace, but when that is raised, there is nothing underneath there either.
Immediately the purse that has been lying throughout on the table is opened to reveal that the four coins have assembled back inside it!
No gimmicks required, the handling is subtle and clever.