When young writer Brandon McShane is left penniless by the death of his father, he is forced to rent a room in the tenement district from the Mahon family. Brandon soon becomes infatuated with the fortune hunting Mimi Gascoigne, who casts him aside for a wealthy suitor. In search of revenge, Brandon acquires a magic skin which will gratify its owner's wishes, but which exacts years from the petitioner's life in payment. Brandon wishes himself wealth and his enemies unhappiness, and then lives in terror of the penalty he must pay. One day he meets Pauline Mahon who has loved him since his tenement days. Pauline convinces Brandon to wish the skin out of his life, and then he discovers that Pauline's love is the fulfillment of this last wish.