Treasure sought. Treasure surrendered. Treasure passionately guarded.

Hrald, Jarl of Four Stones, has forfeited the golden treasure of his wife, Pega, the richest heiress in Mercia. Powerful Lady Æthelflaed, daughter of Ælfred, King of Wessex, knows just what to do with that gold, and with the young woman to whom it belongs. She moves with swift decision. Hrald must undertake a startling penance for the harm he has caused. The one reward at the end will be his right to again wed Dagmar, the daughter of the late King of the Danes in Angle-land. If he survives.

At Kilton, Lord Edwin is brought an urgent message, with an offer he has little choice but to accept. Its royal sender will soon demand an answer. Edwin's brother Ceric, and his wife, the Welsh Princess Dwynwen, are constant reminder to Edwin of a happiness he fears beyond him. A threat to Kilton reminds all of the fragility of peace.

Far from their Gotland base, the traders Runulv and Eskil, armed with goods and silver from Sidroc the Dane, seek treasure in Miklagårdr, known to the Byzantines as Constantinople. Silk and spices were their goal. Now they must strive to hold on to treasure won.