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Beaver (Jerry Mathers) has saved up six dollars and fifty cents to buy Wally (Tony Dow) a new camera as a birthday present (six dollars and fifty cents for a camera? This really is 1959!) Unfortunately, Beaver is led to believe that he's not going to be invited to his brother's birthday party. Already in a sullen mood, Beaver is persuaded by his pal Larry (Rusty Stevens) to spend the gift money on a keen bow-and-arrow set for himself -- and to spend whatever is left over on the cheapest and chintziest present he can find. Of course, no sooner has the money been spent than Beav finds out he's been invited after all.