Queen Elizabeth stands watch as her mother, Anne Boleyn, is beheaded. Lola overhears her awaking from her nightmare.
Catherine meets with her recently released advisor who tells her that he won't fight, and neither will his generals, unless they are paid in full. She and Charles learn that a Greek prince is coming to France in two weeks to raise an army, so Catherine agrees to pay the soldiers for their service.
The Vatican and Rome refuse to help Catherine raise the money she needs to fight the Red Knights, but they offer money to Mary to raise an army so that she can take back Scotland. Catherine sends her to Bash for help raising her army. She demands to meet the men and Bash agrees to accompany her. She also needs Greer's help. Catherine and Charles turn to Narcisse for help raising the money necessary to pay their soldiers.
Mary visits Greer at her tavern where Greer has stopped leaving her room and Mary learns of Greer's pregnancy for the first time. Mary makes an offer to help Greer by trying to have Lord Castleroy released from prison with Catherine's help. When Charles and Catherine go into the village, they learn Narcisse has tithed the peasants, enraging them against the monarchy because they don't have the money to pay the crown.
Elizabeth tells Lola the story of her mother's death and the lengths to which her father went to have her executed. When Robert Dudley enters court, Lola is asked to stay so that everything between Dudley and Elizabeth remains above board. They make a promise that one day they will be together again. When he leaves, Elizabeth asks for Lola's help getting revenge on the woman whose testimony led to Anne Boleyn's death.
Catherine and Charles find out that the money they need hasn't been raised yet. She storms out to think and Charles tells Narcisse to prepare for a trip. He's going to find the money himself.
Mary meets with the General of the mercenary army. He wants all of the money she has raised. She counters that before she'll agree to pay that amount, he and his army need to break Lord Castleroy out of prison. The general agrees and sets off with his men.
Elizabeth and Lola walk through the steps of their plan; Elizabeth does not have much mercy left for Lady Somerset. Bash and Mary reminisce about the time they two of them tried to run away in order to avoid the prophecy about Francis' death coming true.
Charles and Narcisse visit a casino and he places the deeds to the royal vineyards up for collateral. The army returns with Lord Castleroy and Mary demands they get him to a physician at once. Lola and Elizabeth await the perfect moment at the Jubilee to enact their revenge plan. When Lola tries to put the pearls in Lady Somerset's bag, the strand rips leading to the both of them being arrested.
In the dungeon, Lola tells Lady Somerset that she was paid by a man at the Jubilee to put the pearls in the bag. Lady Beatrice Somerset confesses to her lie while inside the dungeon and the chambermaid who originally told the tale is brought before the queen. The night maid tells Elizabeth it wasn't a lie; Anne Boleyn planned to sleep with her brother in hopes of conceiving a son.
Charles tries his luck at the casinos and when they reach half what they need, Narcisse suggests they bag their winnings and walk away for the time being. Charles decides to bet it all. He loses everything. They learn there's a fight in the basement and Narcisse enters hoping to win four times the amount they just lost. Narcisse is injured in the fight, but they win.
Elizabeth meets with Lola following their failed revenge plot. Lola learns Elizabeth has forgiven Lady Somerset. Elizabeth vows to rule England like her father but her heart like her mother. Talk turns to Robert Dudley and Elizabeth's relationship and Lola suggests perhaps there is another great love in Elizabeth's future. Elizabeth shows her thanks by allowing Lola a moment with John.
Catherine and Narcisse discuss his trip to the casino and Catherine asks Narcisse to be her lord chancellor. He agrees. Bash and Mary reunite Greer and Aloysius. She asks for his help, for him to be the father to her child. He refuses. Mary tells him to look inside his heart for the embers of his love for Greer. He changes his mind and agrees to leave with her.
Bash decides to go to Scotland with Mary. Catherine and Charles pay their generals and she's informed a tribute has been delivered to her chambers. She goes to her room to find a note and a box containing the Red Knight's mask. Returning to the dinner she finds all the generals dead and Charles standing over them.