Captain Bill Jones (George Houston) gets a Spanish doubloon from a passenger he was ferrying. Flat broke, he uses the doubloon to trick the greedy storekeeper Joblin (Harold Howard) into giving him a drink (or two) for free. Soon, the whole island is aflame with rumors of the treasure. After Joblin tries to put one over on Bill and fails, he allows Bill to get whatever he wants from his store in exchange for not getting sent to prison. After setting sail with Marge (Marion Nixon) for his lover's schooner Wildfire, he has to fight his way past Joblin.
