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Overwhelmed by her suffocating schedule, touring European princess Ann takes off for a night while in Rome. When a sedative she took from her doctor kicks in, however, she falls asleep on a park bench and is found by an American reporter, Joe Bradley, who takes her back to his apartment for safety. At work the next morning, Joe finds out Ann's regal identity and bets his editor he can get exclusive interview with her, but romance soon gets in the way.
An impoverished American sailor is fortunate enough to be passing the house of two rich gentlemen who have conceived the crazy idea of distributing a note worth one million pounds. The sailor finds that whenever he tries to use the note to buy something, people treat him like a king and let him have whatever he likes for free. Ultimately, the money proves to be more troublesome than it is worth when it almost costs him his dignity and the woman he loves.
