Frank Softly is a poor young gentleman whose snobbish father sends him to boarding school to make useful connections, but without success. He tries a variety of professions to earn his living but by the time he is twenty-five has failed at medicine, caricaturing, portrait painting, forging Old Masters and administering a scientific institution.

Frank then falls in love with Dr Dulcifer's daughter, Alicia, but discovers that her father is a counterfeit coin maker. Our likeable hero is unwillingly recruited into forging to compromise him as a felon. At this point the doctor considers him unsuitable as a son-in-law and sends Alicia away to Wales. The counterfeiters are betrayed to the Bow Street Runners but Frank escapes, finds Alicia and elopes with her to Scotland. Immediately after their wedding, Frank is arrested, tried and transported to Australia. As a model prisoner he becomes servant to his own wife who has travelled to the New World in the person of a widow. By the time Frank is officially released, their speculations have proved so successful that he is a rich man and a rogue no longer.