The Sea Ponies find a treasure cheast filled with magic gold pieces. The Ponies quickly discover they can make any wish come true, and Baby Lickety-Split puts all of Ponlyland in jeopardy by wishing it would never rain again. When they discover that the magic coins are the property of Niblie, a grumpy troll, the Ponies try to persuade him to reverse all their wishes. The Future of Ponyland hangs in the balance!