Scene 1: In the Castle

Albert loves jousting and life at court, but his noble father, though wealthy, is a miser. Kept in abject poverty, Albert cannot afford to dress like others of his rank and fears that he will be unable to show his face at the next tournament. A hitherto obliging usurer is no longer prepared to lend him money on his word alone, and instead proposes seeking out an apothecary who would concoct poison to carry off the old knight and thus assist the young man to his inheritance. Confronted in this brutal way with his own desire for his father's death, Albert sends the Jew packing. But he must lay his hands on some money somehow, so he decides to appeal to their overlord the duke to make his father give him a suitable allowance.

Scene 2: In the Cellar

The old knight creeps into inspect his chests of gold like a lover visiting his sweetheart. Today is an especially happy day, for he has the wherewithal to fill the sixth and last coffer. Turning the key in the lock the miser is gripped by ecstasy and terror at the same time-ecstasy at the unlimited power his wealth gives him, and terror at the curses, tears and groans that cling to the gold. He prepares a ritual in celebration of the happy day: lighting a candle before each chest he opens them all, one after the other. Sunning himself in the gleam of the precious metal, he dreams of all the things he could do with it. His imagination takes wing, he fancies he is a great potentate, who wishes for nothing as the consciousness of his power is all he desires. But he plunges from the pinnacle of his happiness and dreams of power to the depths of despair and impotence: when he dies, who will keep the gold out of the hands of his spendthrift heir?

Scene 3: In the Ducal Palace

Albert asks for the duke's help. The duke has already summoned the old knight, and sends Albert to hide in a neighbouring room where he will be able to hear their conversation. The duke advises the miser to let his son come to court to acquire gentlemanly polish, but the knight slanders his son, on three separate counts, in order to save his gold. The third time, when his father accuses him of wanting to rob him, Albert loses control of himself, bursts out of his hiding-place, and calls him a liar. The old knight throws down his gauntlet as the challenge to a duel, which Albert accepts. The duke orders Albert to leave the court until further notice. The excitement kills the knight. To the duke's horror, his dying thoughts dwell not on his soul but on the fate of his gold.