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SpongeBob, Squidward, and Mr. Krabs go fishing for clams. SpongeBob accidentally rips Mr. Krabs' one millionth dollar off of his pants and throws it into the lagoon. Dramatic music played by a live-action orchestra then starts up, giving SpongeBob, Squidward, and Mr. Krabs a warning that Old Bluelip is nearby. As Mr. Krabs tries to get the orchestra to stop playing their music to no avail, SpongeBob frantically reels the dollar back into the boat, and for a few seconds Mr. Krabs is happy that his dollar is safe, only for Old Bluelip to show up and take the dollar, much to Mrs. Krabs' dismay.
Later in the episode, Mr. Krabs uses SpongeBob and Squidward as bait to attract Old Bluelip. The dramatic music starts again, with Mr. Krabs being the conductor. Old Bluelip approaches the boat with the dollar laying on his tongue. Mr. Krabs jumps on Old Bluelip's tongue to grab the dollar, only for Old Bluelip to then close his mouth and dive back into the lagoon. SpongeBob and Squidward are distraught about this until Mr. Krabs' head pops out of the lagoon. Mr. Krabs then reveals that he and Old Bluelip fought until he agreed to trade his body for the dollar (with the exception of his head and one of his arms).
