Commuting, I'll have my wallet...packed away in my panniers with my work clothes. Rec/club rides....nah. I'll leave it in the car. The less I pack into my jersey pockets the better. Already guaranteed to have my phone and maybe a credit card, and some fuel. If I can't get by with just my cell phone, I might have bigger issues.
In my area, I have never seen a cop stop a cyclist. Though I am sure that is because we are a rare enough breed they wouldn't know what to do with us.