Nancy is given a beautiful gold bracelet and finds that one of the horse charms is missing. When she learns the unusual story behind the jewelry, she sets out to solve the fascinating mystery.
The bracelet had been presented to a former circus performer by a queen who loved horses. For some reason the performer had to sell the bracelet but would not reveal her true identity.
Clues lead Nancy to Sims' Circus, where she meets Lolita, an unhappy young aerialist who has a horse charm wrought exactly like those on Nancy's bracelet. The young detective joins the circus and is soon caught up in its exciting life. It becomes apparent that someone opposes Nancy's investigation and tries to deter her.
Nancy's clever deductions help her to find the original owner of the bracelet, to reunite a mother and daughter who had been separated for years, and to bring much happiness to Sims' Circus.