When the banks start issuing paper notes instead of gold, Demelza finds herself thrown into uncharted waters with her workers and the locals, a situation taken advantage of by Tess and Jacka. Morwenna tackles the grief of being parted from her son, while Geoffrey Charles makes plain his intent to marry Cecily, landing both of them in trouble.
George conspires once more against Ned and the Poldarks as he and his allies enact a plan to destroy their opposition for good.
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