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Cory (Ben Savage) isn't too concerned when he accidentally loses the silver boxing-glove bracelet given to him by his dad Alan (William Russ) as a birthday present. But his attitude abruptly changes when he finds out that Alan had won the bracelet in a Navy boxing tournament, and thus the trinket is lot more "valuable" than first imagined. In a panic, Cory and Eric (Will Friedle) launch a search for the necklace which ends in the school gym's swimming pool--and would have ended tragically had not Mr. Feeny (William Daniels) appeared in the obligatory Nick of Time.