Beaver and Wally make friends with the garbage man's kids, Chris and Pete. They quickly learn that they take for granted what they have. Simple things like just having a yard to play in leave Chris and Pete in awe.

Wally begins combing his hair a new way, inspired by a fad started by Eddie that has swept his school. However, June and Ward are aghast at his hairdo and June becomes determined to get Wally to change his hairdo back to his normal style.

Miss Landers assigns Beaver's class to write a short essay about the most interesting character they know. While Judy writes about her dad, Beaver debates over whom he should write about. Beaver finally decides to write about Ward, but Beaver isn't sure if Ward is interesting enough.

When Eddie and some of his other friends brag about shaving, Wally decides it's time he try. After nicking his face, Ward tries to discourage him but this just leads Wally to continue to shave. When Ward catches him again, he scolds him right in front of Eddie which leads to Wally being made fun of.

While staying after school cleaning the chalkboards, Larry convinces Beaver that Mrs. Rayburn keeps a spanking machine in the closest in her office. Later, a curious Beaver sneaks a peek but soon finds himself locked in the principal's office. Beaver's fame doesn't go over well with his family but Beaver has another problem on his hands: he's just gotten his head stuck in an iron fence at the park.

When the new girl, Gloria, tells Wally that he has a pug nose, he becomes incredibly self-conscious and purchases a contraption that is suppose to give him a strong Roman nose. When Ward discovers the device, he gives him a pep talk which just makes matters worse.

June and Ward allow Wally to escort Beaver on a bus to a friends house in Crystal Falls. However, on one of the stops, Beaver inadvertently gets on the wrong bus that takes him back to Mayfield.

Beaver and Larry have been put in charge of the class cookie fund and are taking turns guarding the money. A new kid takes advantage of them and cons Beaver and Larry out of three dollars from the fund.

A school dance has Eddie swooning over his so-called girl, Caroline. However, it's obvious Eddie has made up their relationship when Wally and him visit her and she instantly becomes smitten with Wally.

Beaver makes a new friend in Chuey Varella but he only speaks Spanish. So Beaver asks Eddie, who has taken Spanish, for some help but Eddie plays a joke on Beaver by feeding him a sentence in Spanish which ultimately insults Chuey.

Larry and Beaver find themselves tardy for the third time this week and decide to skip altogether. However, they quickly find themselves being caught when they inadvertently walk on the set of a live TV show.

The Cleavers have new neighbors in the Gates family and Beaver befriends their son, Gilbert Gates (his last name was suddenly changed to Bates in a later episode). However, Ward, June and Wally quickly realize the obvious when Beaver comes home with all kinds of wild stories that Gilbert has told and that Beaver is convinced are true.

Beaver discovers that Ward was in WWII and brags to his classmates that Ward was a war hero. As usual, his classmates don't believe him and Beaver promises to bring in some mementos to prove it. At home, Beaver discovers that Ward was an engineer in the war and didn't actually fight in combat, leaving Beaver to take drastic measures so as not to look like a fool in front of his classmates.

Larry invites Beaver to the carnival and tells him that his mother will treat him. However, when Mrs. Mondello refuses to give Larry money, Larry decides to find some. He throws some of his mother's money out the window and when Beaver comes over, Larry pretends as if he's found some money.

Beaver comes to Ward for help on the night before a poetry assignment is due. This prompts Ward to totally take over the project and writes the whole poem himself. Things get complicated when Beaver wins an award for the poem and Ward is faced with explaining the truth to Beaver's principal.

Wally needs a new suit for an upcoming dance and he convinces his parents that he's old enough to pick out his own clothes. So he and Beaver go down to the shop and pick out the loudest, cheapest plaid suit in the entire shop.

Ward takes June and the boys away on a trip to a cabin in hopes of experiencing the "great outdoors." However, he quickly discovers getting away from today's modern conveniences will be more difficult than he anticipated.

Wally wins a trophy at school and Beaver accidentally breaks it. This leads Ward to accuse Beaver of being jealous of Wally and that he broke it on purpose. Upset, Beaver decides to get new parents and heads to an adoption agency.

Beaver and Wally get jobs at the circus cleaning the animals and a promise to each be payed $10.00 at the end of the week. However, when the end of the week comes and there is no payment in sight, Beaver and Wally instead become the proud owners of a horse named Nicholas, and they hide him in the garage.

Ward makes an offer on a house located in a neighboring town and Beaver believes moving is going to be a sure thing. This leads him to tell all his classmates that he's moving, leading his classmates to throw him a goodbye party and give him going away presents. When the deal falls through, Beaver must tell his class that he won't be moving after all.

Beaver spends the weekend at Larry's, but the first night there they get into a terrible argument and Beaver goes home angry. After Ward tells Beaver a story about Damon and Pythias, Beaver and Larry swear to die for each other. Larry then promptly demands that Beaver give him his homework to prove himself.

While watching Wally and his friends play baseball, Beaver is put in charge of looking after everyone's coats and watches. However, after the game is over Lumpy comes to claim his watch, but Beaver has no watch to give him.

Being Beaver's godmother, Aunt Martha sends him a gift of a ring that had once belonged to an uncle who was also named Theodore. June cautions Beaver that she doensn't want him taking it to school, but he sneaks off to school with it anyways. This leads to a confrontation between his peers that ends with him getting the ring stuck on his finger.

Ward receives an antique pipe as a gift from Fred Rutherford and a curious Larry and Beaver decide to try it out. First they use coffee but then they try tobacco. When Ward discovers someone has used the pipe, he jumps to the conclusion that Wally is the culprit.

Wally's birthday has him deciding to have a birthday party but Beaver jumps to the conclusion that he won't be invited. While shopping for Wally's present, Larry talks Beaver into spending his money on a bow and arrow set for himself and buying a cheap gift for Wally.