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The magician explains that he was once robbed. The thief took his ring, his watch and the money from his wallet. All these items are put into an envelope. Immediately after the magician tears up the envelope. All the items have vanished and returned to their original place. The ring is on the ring finger, the watch is on the wrist and the money is back in the wallet.
In this video you get a detailed explanation of how this routine works. As is typical with Tommy Wonder, he always teaches lessons which apply to many other effects. For example, he spends some time talking about where to attach a pull or other body loads, as well as the various ways to vanish items from an envelope.