Melt-Thru by Harvey Rosenthal.

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MELT-THRU is a bewildering close-up routine that was designed to baffle both laymen and magicians alike. To this end, it has been eminently successful. In the hundreds of times it has been performed, it has never failed to elicit an enthusiastic audience reaction. During the course of the routine, a coin (with a hole through its center) is caused to repeatedly penetrate on and off a shoelace under seemingly impossible conditions. This remarkable feat is accomplished without resorting to the use of gimmicks of any kind.