Vanishing Coin in Ring Uday

On a small piece of colored paper, the magician has put two bangle rings. He also has a playing card. Laying these on the colored paper, the magician puts a coin (which can be borrowed) to the side of the rings. Now he picks up the card and places it over the ring, then picks up that ring and card and puts it over the second ring. This whole stack is now put over the coin. Magic words are spoken, and when the card is removed the coin is gone, the top ring is slipped to the side. Nothing is there!