"The Golden Collar" is about to settle round Henry Eliot's neck in the form of beautiful, spoiled Marly Stoner and her formidably rich father, Sir Bertram. As a wedding present for the young lovers, Sir Bertram has decided to buy a desirable piece of the Portuguese coastline, and he dispatches Henry to the Algarve to persuade the owner, Senhora Silva, to sell.

Once abroad, Henry is intoxicated by the sparkling air and unspoiled beauty of the place, and incidentally by the quiet charms of the Senhora's niece, Teresa. With a bit of help from a pair of eccentric expatriates, human values triumph over land values, and Henry faces an uncertain but far happier future.