The Prince of Aragon arrives in Belmont and decides to choose from among the three caskets. Portia takes him into the room and makes him recite the oath never to reveal which casket he chooses, and further to promise never to marry should he choose the incorrect casket. The Prince of Aragon agrees and starts to read the inscriptions.
He rejects lead because of the ominous warning, and thinks that gold refers to the foolish populace. Instead he chooses silver which indicates he will receive what he deserves. The Prince takes the key and opens the casket to reveal a "blinking idiot". The scroll indicates that those who are self-loving deserve to be called idiots, and would not make good husbands for Portia. The Prince is upset by his choice, but is forced to leave.
Portia is happy that the Prince has chosen the wrong casket. Her messenger comes into the room at that moment and informs her that a young Venetian has just arrived. Portia goes to see who it is, while Nerissa secretly wishes that it might be Bassanio.