In this episode, Jerry gets rid of his wallet and ultimately replaces it with a European carry-all, Kramer and Newman face possible eviction after they reverse the peepholes on their doors and Newman begins an affair with the super's wife, and Elaine has to recover a friend's fur coat which she mistakenly threw out a window.
Elaine, Jerry and George decide to buy a massage chair as a housewarming gift for their friend Joe Mayo.
To save money, George buys a chair from Delaware, but it does not arrive in time so they go to Joe Mayo's party without it.
Kramer and Newman reverse the peepholes on their apartment doors to spot any ambushes inside their rooms.
At Kramer's suggestion, Jerry throws out his wallet and just folds his bills together, saving pocket space.
When Jerry complains about having to carry around his girlfriend's things, Elaine gives him a European carry-all, which resembles a purse.
Elaine, Jerry, and Kramer back out of participating in their chair gift (Elaine because Joe demanded she buy him a new coat, Jerry because Joe criticized his taste in music, and Kramer because he has no recollection of agreeing to the gift).
When he puts a tear-away phone number for a free guitar lesson in his already overstuffed wallet, much of the contents burst out and blow away, including the receipt.