Shakespeare's The Merchant of Venice opens with Antonio, a depressed Christian merchant. His friends try to cheer him up, suggesting that perhaps he is worried about his ships at sea. Then, Antonio's dear friend Bassanio, an aristocrat who has lost all his money, comes to ask Antonio for a loaned money, so that he, Bassanio, could travel to Belmont to woo a wealthy heiress named Portia.
Antonio and Bassanio clearly have a deep and loving friendship. Although Antonio cannot give the money directly to Bassanio, he offers to use his good credit to obtain a loan for his friend. Bassanio finds Shylock, a Jewish moneylender, and convinces him to give him a loan of three thousand ducats. In a rather unusual twist, Shylock agrees not to charge Christians interest, but instead makes a strange proposition: if Antonio cannot repay the money, Antonio will give Shylock a pound of his own flesh. Antonio agrees to the terms of the contract, or “guarantee.”
Meanwhile, in Belmont, Portia is melancholy. Her father, now deceased, decreed that all of Portia's suitors must take part in a test. The suitors receive three coffins: one in gold, one in silver and one in lead. One contains a portrait of Portia; the suitor who chooses this box will have permission to marry her. First, the prince of Morocco comes to woo Portia and collects the golden coffin; inside he finds a skull, symbolizing how gold hides corruption. The next suitor, the Prince of Aragon, chooses 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, plans to elope with a Christian, Lorenzo. They plan to escape one night when Shylock is away. Shylock asks Jessica to lock the house because there will be masks and music in the street that evening. Once he leaves, Lorenzo arrives with two friends, standing under Jessica's upstairs window. She appears dressed as a boy, throws them a chest of ducats, then runs away with them.
When Shylock discovers that his daughter has run away with her ducats, he is overwhelmed by his dismay. Meanwhile, rumors are circulating that many of Antonio's ships have sunk or been lost at sea. Shylock begins to revel in the idea that he will demand his pound of flesh from Antonio, in revenge for the numerous insults that Antonio has inflicted on him over the years.
Meanwhile, Bassanio arrived in Belmont with his friend Graziano. Portia remembers Bassanio as the dashing soldier she fell in love with many years earlier. Bassanio selects the lead coffin and finds Portia's photo inside. After Portia gives him a ring to seal their engagement, Graziano informs them that he and Portia's maid, Nerissa, also wish to get married.
Bassanio receives a letter from Antonio stating that he cannot repay Shylock and must give up 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 leave, unbeknownst to them, Nerissa and Portia leave for Venice disguised as men. Jessica and Lorenzo will watch over Belmont while they are gone.
Back in Venice, in a court of law, the Duke begs Shylock to forgive the contract and release Antonio. Shylock refuses, even when Bassanio offers the higher payment. The court then awaits the arrival of a doctor of law. Nerissa enters the courtyard and gives the Duke a letter stating that Doctor Bellario has sent a young, educated doctor in his place.
Portia enters disguised as the young doctor “Balthasar”. Portia tries to persuade Shylock to spare Antonio's life by appealing to "mercy". When Shylock doesn't move, Portia gives him her pound of flesh. Shylock holds a knife ready to cut Antonio's chest.
Suddenly, Portia stops him. He can have his pound of flesh, she says, but not a single drop of blood, and the flesh must weigh exactly a pound, neither more nor less, otherwise 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 continues. By demanding Antonio's flesh, Shylock was prepared to commit suicide. If a foreigner conspires against the life of a Venetian, half of his wealth will be given to the man against whom he conspired, half will be taken by the State, and the Duke can have the conspirator put to death. At this point, the Duke pardons Shylock's life and Antonio tells the court that he will forgive the fine of half of Shylock's wealth on the condition that Shylock converts to Christianity.
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