Olaf lives in a city working the currency exchange booth at the train terminal. He is known for being scrupulous and hardworking with few needs and even fewer wants. Quite the opposite of Lord Iron, who is a rich snob with little care for others and a wanton disrespect for everyone else. When a friend mentions a possible scheme/prank to do with foreign exchange, he and his buddies go to the terminal to have some fun.

Iron shows up with what appear to be fake bills, which Olaf has never seen before and cannot give an accurate exchange for. Iron tells him that he knows that if there is not an accurate exchange given within 24 hours that Olaf will lose his license, same if he gives an inaccurate rate. He promises to be back the next day to see what Olaf has for him. All day Olaf works, searching and reaching out to others but no one, not even the main branch, will get back to him with any reasonable information in time. Olaf decides that Iron is an evil man and tries to come up with a plan.

That night, inspiration hits. He takes the bills to various other shops and asks what those shop keeps will pay for them. He gets 10 pounds back, and takes those to give as exchange to Iron when he arrives the next day. Iron is livid as he believes the value is much higher and he has been duped, but Olaf snaps and tells him that that is what currency exchange is: buying someone else's currency and selling it to someone else. Since there was no exchange rate available, the fact that he could sell them to someone else then give that exact value to Iron means that he did his job. Iron is impressed and generally amused, even if a little angry. He accepts the currency and leaves.

After a short vacation, Olaf comes home to see a letter for him from Iron asking him to come settle a wager at the haughtiest of gentleman's clubs. Olaf goes right away. In the back room of this club is a haggard looking Iron and a group of other gentlemen lords. They are having a wager about the value of objects phrased in terms of other objects, ie a house's value measured in terms of breath mints. The wager is asking what the value of a day in the life of the King is in terms of a day in the life of a prisoner in his dungeon. He has one week to figure this out or they both die.

Considering death and his week of living on what felt like death row as compared to how he wanted to eat like a king as a send-off for his life made him start thinking of an answer. When placed in front of the gentlemen judges, he gives an answer in terms of health and freedom. The king has more freedom to do as he chooses, but chooses to do fewer healthy things for himself. Prisoners are forced to eat well and exercise, thus living longer lives even if the quality of life is lesser. Therefore, a prisoner's life has a higher day value than the king's. This is evinced by the length of time prisoners live for and the short period of life for each king. After some deliberation, they decide that Olaf speaks the truth and Iron kills the man who bet against him. Olaf swears not to take another of Iron's summons again.

So Iron comes to Olaf this time. Iron looks waxen and tired. He asks Olaf what would be fit to trade for a man's soul, giving Olaf one month until he must come to his house and provide an answer. All day and night and day again Olaf thinks on the question before coming to an answer. He heads straight to Iron's home, where a massive party is being held, and lets himself in to find Iron. There, he explains that he realized Iron isn't looking to sell his soul, as he is already evil and debauched, but to buy one. So Olaf tells him that he will exchange a soul living a life of humility and servitude for Iron's.

Edmund, formerly Lord Iron, now works the currency exchange stand. He makes friendships with the people who don't know or recognize him and becomes happy. Olaf uses some of the money that was given to him to travel the world and when he got home wrote adventure novels based on the places he had traveled.