Princess Elizabeth, robbed of her beautiful clothes and her fiance by a fierce dragon, dons a paper bag and marches off to rescue her prince, only to realize he is not worthy of her efforts.
A princess falls on bad fortunes due to a dragon ravaging her kingdom. The dragon has also kidnapped her prince-fiance and she sets out to rescue him, instead of being the traditional damsel in distress.
After her castle and clothes are destroyed by the dragon, Princess Elizabeth, dressed only in a paper bag, sets out to rescue Prince Ronald, who was taken captive.