William Legrand becomes obsessed with searching for treasure after being bitten by a bug appearing to be made of pure gold. He notifies his closest friend, the narrator, telling him to immediately come visit him at his home on Sullivan's Island in South Carolina. Upon the narrator's arrival, Legrand informs him that they are embarking upon a search for lost treasure along with his African-American servant Jupiter. The narrator has intense doubt and questions whether Legrand, who has recently lost his fortune, has gone insane.