Franklin's selling of some of his old toys. Why? He's raised $4.50 and if he can raise $4.50 more, he can order a submarine through the mail. Bear sees what he's doing and says that he'll chip in the other half, since Franklin is his best friend. That way, Franklin doesn't have to sell his toys. Franklin waits and waits for the submarine to arrive, but it takes weeks. Finally the mail-carrier has a package for him. It's his submarine. But how can it be? It's just small little package. When Franklin opens it, he's shocked: it turns out it's just a cardboard submarine. Beaver tells him that he should send it back and get his money back. So Franklin tries it, but he doesn't have enough money for the postage. So he sets up another toy sale, when Bear comes along and says he has a strange feeling he remembers this happening before. Franklin breaks down and shows Bear the cardboard submarine. But Bear's not so upset about it. It may be cardboard, but it has a real periscope. They go ahead and assemble it and turn out to have actual fun, using their imaginations.