A card is selected and lost in the pack. The magician then claims he will cause the card to rise to the top of the deck, but he fails. When he turns over the top card, it is NOT the selection, as he said it would be. The magician gets mad, tearing up the top card into four pieces and placing them into a spectator's hand. The magician then looks through the pack for the spectator's card, finding it somewhere in the middle. Flustered, the magician then tries to redeem himself. He holds the selected card in his hands where it CHANGES VISIBLY into the card that was torn just a moment ago!
But wait...if that card is whole and in the magicians’ hand...what card is the spectator holding? The spectator open's his hand to reveal THEIR SELECTED CARD, torn into four pieces! The spectator is then asked to close their hand again over the four pieces, where they RESTORE into a whole card once again!
Like all good effects, there is almost no preparation. All you need is one duplicate card, for the sake of this explanation, the three of clubs. This card is placed on top of the deck, and the other three of clubs is placed on the bottom. You are now ready to perform.
First, you must force the bottom card of the deck in your favourite manner. I use the slide force, which I will explain at the end for those who are unfamiliar with it. Turn the forced three of clubs face up, remarking that you love this trick because you have the privilege of knowing what the spectator's card is! Now fan the deck and have the spectator place their three of clubs anywhere in the deck. Now close the fan, and claim you will cause the selected card to jump to the top of the deck. (Of course, in this position, you COULD do that...but you're not going to.) Actually, you are going to do a double lift from the top, showing not the selected card, but an indifferent card. Let's say it's the queen of hearts. You apologise, look sad, and then finally turn the double lift face down, deal off the ACTUAL top card, (Which will be the three of clubs) and tear THAT card up. You place these pieces face down in the spectator's hand, close their hand for them, and turn their hand over.
Now you go through the process of finding the remaining three of clubs. During this part of the trick you are doing exactly what you claim to be. Simply fan the cards facing you and look for the three of clubs.
When you find it, place it face up on top of the deck (On top of the queen of hearts which THEY THINK is in their hands.) You will now do a back-to-back double lift, and execute a FLIP CHANGE. (I will explain at the end.) This changes the card visibly into the queen of hearts.
Let that sink in. This is a very odd moment for the spectator. NOW have them open their hand, to reveal the torn three of clubs. As they react, take advantage of that offbeat to turn the deck face-up in your hands and execute a Z-Fold. (I will explain this at the end.) Hold this folded card underneath the deck with the same hand that is holding the pack, and take the four ripped pieces from the spectator, remarking, "This wouldn't be a very good ending to a magic trick, would it?"
The moment you take the pieces, pass them under the deck, switching them for the folded duplicate. Bring this right back out, concealing the folded edge.
Place this card back in the spectator's hand, and back away. Continue to patter now, recounting everything that has happened up to this point. This time misdirection will allow you to ask, "Did I touch that card you are now holding." 99.9% of the time, the spectator will now reply, "NO." Have them open their hand and reveal the restored card.
FLIP CHANGE - I suppose it would be just as easy to do a Marlo-style Snap Change, but I will explain the version I use anyway. You hold the back-to-back double in your right hand, with the deck in your left. Your thumb goes at the bottom left corner of the card, while your middle finger holds the upper right corner. You then apply pressure, bowing the card inwards. As the pressure builds, you will release the middle finger's grip, causing the card to flip around rapidly. Immediately place the double back on the pack, deal the face up card onto the table (or into your hand) to show that it is a normal card.