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Envious over the "keen" leather-trimmed jacket recently acquired by his friend Gilbert (Stephen Talbot), Beaver (Jerry Mathers) begs his parents to buy him a jacket just like it. In both boys' cases, the purchase is an expensive proposition. Thus, when Gilbert loses his jacket, he persuades Beaver to loan him his, so that his parents won't find out. The scheme backfires when Richard spills food on Beav's jacket and Ward (Hugh Beaumont) and June (Barbara Billingsley) demand an explanation.