Nancy Drew receives a beautiful gold bracelet and discovers that one of the horse pendants is missing. Having learned the unusual history of the jewelry, she decides to unravel the fascinating mystery. The bracelet was given to the former circus performer by the Queen, who loved horses. Why did she have to sell the bracelet without revealing her real name? The clues lead Nancy to Sims' Circus, where she meets Lolita, a stranded trapeze artist whose horse necklace looks exactly like Nancy's bracelet. Will Nancy be able to find the first owner of the bracelet?

Nancy Drew 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.