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The Merchant of Venice, by Shakespeare, opens with Antonio, a Christian merchant, in a depressed state. His friends try to cheer him up, suggesting that perhaps he’s worried about his ships at sea. Then, Antonio’s dear friend Bassanio, an aristocrat who has lost all of his money, comes to ask Antonio for a monetary loan, so that he, Bassanio, can travel to Belmont to woo a wealthy heiress named Portia.

Antonio and Bassanio clearly have a deep and loving friendship. While Antonio cannot give Bassanio the money directly, he offers to use his good credit to get a loan for his friend. Bassanio finds Shylock, a Jewish moneylender, and convinces him to give a loan of three thousand ducats. In a rather unusual twist, Shylock agrees not to charge the Christian men interest, but instead makes a strange proposal: If Antonio cannot pay back the money, Antonio will give Shylock a pound of his own flesh. Antonio accepts the terms of the contract, or “bond.”

Meanwhile, in Belmont, Portia is melancholy. Her father, now dead, decreed that all of Portia’s suitors must partake in a test. The suitors are presented with three caskets: one of gold, one of silver, and one of lead. One contains a portrait of Portia within it; the suitor to choose this casket will have permission to marry her. First, the Prince of Morocco comes to woo Portia and picks the gold casket; inside he finds a skull, symbolizing the way gold hides corruption. The next suitor, the Prince of Aragon, selects the silver casket which bears an inscription stating that it will “give a man what he deserves.” Inside is a picture of an idiot.

Back in Venice, Shylock’s daughter, Jessica has made a plan to run away with a Christian man, Lorenzo. They plan to escape one night when Shylock will be out. Shylock instructs Jessica to lock the house well as there will be masquers and music in the street that night. Once he leaves, Lorenzo arrives with two friends, standing below Jessica’s upstairs window. She appears dressed as a boy, tosses a chest of ducats down to them, and then runs away with them.

When Shylock discovers that his daughter has run away with his ducats, his devastation overwhelms him. Meanwhile, there are rumors that many of Antonio's ships have sunk or been lost at sea. Shylock begins to revel in the idea that he will exact his pound of flesh from Antonio, in revenge for the many insults Antonio has dealt him throughout the years.

Meanwhile, Bassanio has arrived in Belmont with his friend Graziano. Portia remembers Bassanio as the dashing soldier with whom she fell in love several years earlier. Bassanio selects the lead casket and finds Portia’s picture inside. After Portia gives him a ring to seal their engagement, Graziano informs them that he and Portia’s maid, Nerissa, wish to be married as well.

Bassanio receives a letter from Antonio stating he cannot repay Shylock and must forfeit a pound of flesh. Portia tells Bassanio to take six thousand ducats—twice the original amount owed—and return to Venice where he can pay Shylock and cancel the contract. After Bassanio and Graziano have left, unbeknownst to them, Nerissa and Portia depart for Venice disguised as men. Jessica and Lorenzo will watch over Belmont while they are gone.

Back in Venice, in a court of justice, the Duke pleads with Shylock to forgive the contract and let Antonio go free. Shylock refuses, even when Bassanio offers the higher payment. The court then waits for a doctor of the law to arrive. Nerissa enters the court and hands the Duke a letter stating a Doctor Bellario has sent an educated young doctor in his place.

Portia enters disguised as the young Doctor “Balthasar.” Portia tries to persuade Shylock to spare Antonio’s life through an appeal to “mercy.” When Shylock won’t budge, Portia grants him his pound of flesh. Shylock holds a knife ready to cut into Antonio's breast.

Suddenly Portia stops him. He may have his pound of flesh, she says, but not a single drop of blood, and the flesh must weigh exactly one pound—no more and no less, or Venice can confiscate his lands and goods. Shylock, clearly unable to comply, backs down, saying he will accept three times the original amount owed to him.

But Portia refuses and presses on. In demanding Antonio’s flesh, Shylock was prepared to take his life. If any foreigner conspires against the life of a Venetian, half his wealth is to be given to the man against whom he conspired, half is taken by the state, and the Duke can have the conspirer put to death. At this point, the Duke pardons Shylock’s life and Antonio tells the court he will forgive the fine of half of Shylock's wealth provided Shylock converts to Christianity.