The wise old king of England is on his deathbed and his Captain of the Guard, Pete, is using the opportunity to steal from the peasantry in the name of the crown. Out on the streets, the pauper Mickey Mouse dreams of what it must be like to be royalty and always have a full belly and a warm place to sleep. Meanwhile, the bored Prince, (who happens to look just like Mickey), is tired of his endless royal duties. When Mickey and the Prince meet by chance, the Prince decides it's the perfect opportunity to switch places with Mickey for just one day of real freedom. What starts out as a harmless day off from their normal lives, gets more serious when Pete decides to get the real Prince out of the way once and for all...