Aldred knows that antagonizing Wynstan is risky. He thinks Den should handle the forgery case. He tells him everything, and Den is intrigued enough to form a plan with him.

Wynstan receives his dues on Michaelmas. He gives no leniency to those who cannot pay, treating any complaints as invalid. He also skims some of Wilf’s money. He goads Wilf about the ball game, criticizing Ragna of dominating Wilf.

Edgar begins selling eels. Degbert says the river belongs to him, and therefore he is entitled to one out of every three fish. Edgar cannot read, so when Degbert shows him the charter—most likely a lie—he cannot disagree. Horsemen arrive, led by Wynstan. Edgar goes into the forest and meets with Aldred, Den, and 20 men on horseback. They will probably not begin melting the pennies until the next day, which is when they will try to catch them at their crime. That evening, Wynstan gives every home a side of bacon, in an unusually generous gesture.

The next night, Cuthbert melts the coins as Wynstan watches. They hear Edgar outside, claiming that he has an eel for Cuthbert. Cnebba sends him away.