In order to escape her narrow and restrictive life, Senta, the daughter of a rich shipowner, seeks refuge in her fantasies and dreams. In this realm of imagination, a bold and restless sea captain appears to her—the Flying Dutchman—who is cursed to wander the seas forever. In her obsessive dreams, Senta frees this man through her love for him.

The impoverished and homeless orphan girl Anna Barbara sets out in search of the mysterious golden thaler. The rag collector Hans Geiz offers her the promise of it if she toils in his underground kingdom for three years.