Ernest Elephant wore hats for every day of the week. He needed a hat to wear on Fridays and when he saw the beautiful, red cowboy hat Priscilla Pony was wearing he knew he had to have one. The only problem was he didn't have enough money. After finding five dollars on the playground and wanting to keep it to buy the hat, he remembers it is his friend Mike's lunch money. He returns the money to Mike and three weeks later Ernest gets the red cowboy hat as a birthday present.