A poor shoemaker and his wife are struggling to make ends meet. One night, they leave out their last piece of leather, only to find the next morning that it has been transformed into a beautiful pair of shoes. This mysterious act continues, with the couple discovering that two kind elves are secretly crafting shoes for them during the night. Grateful for the elves' generosity, the shoemaker and his wife decide to repay them by making clothes and shoes for the elves. When the elves receive their gifts, they are so delighted that they dance away, never to return, leaving the shoemaker and his wife to prosper in their business.