Portia tells Bassanio that she wants him to wait a month or two before choosing from the caskets so that she may be guaranteed his company for a while longer. Bassanio tells her that he is desperate to choose, and feels like he is being tortured the longer he waits. Portia finally agrees to take him into the room with the caskets.

Portia orders music to be played for Bassanio, and one of her servants starts to sing a song in which the rhymes all rhyme with lead. Bassanio speaks directly to the audience and tells them that too many things are gilded and coated with ornaments. He therefore decides to do away with gold, comparing it to Midas' greed. The silver casket he also ignores, saying it resembles money and is therefore too common. He thus chooses the lead casket and finds Portia's picture inside.

Bassanio is overjoyed by the picture and remarks that it is a beautiful "counterfeit". He then takes the scroll and reads it: "You that choose not by the view / Chance as fair and choose as true" . Bassanio goes over to Portia with the note, and she offers him everything she owns, including herself. Portia then hands Bassanio a ring as a token of her love and commitment and tells him never to lose it. He promises, telling her that if he ever stops wearing the ring it will be because he is dead.

Graziano then informs them that he would like to be married as well. He tells Bassanio and Portia that he and Nerissa (the chambermaid to Portia) are in love. Bassanio is thrilled for his friend and agrees to let them get married as well.


Jessica, Lorenzo and Salerio arrive at Belmont. Bassanio is happy to see all of them, but Salerio then hands him a letter from Antonio. Bassanio turns pale at the news that Antonio has lost his fortune and his ships, and he asks Salerio if it is true that all of Antonio's ventures have failed. Salerio tells him it is true, and that Shylock is so excited about getting his pound of flesh that even if Antonio could repay him he would likely refuse it.

Portia asks what amount of money Antonio owes to Shylock, and then orders Bassanio to return to Venice and offer Shylock six thousand ducats to destroy the contract. She informs Bassanio and Graziano that she and Nerissa will live like widows in their absence. They all agree to get married first and then go straight to Venice to rescue Antonio.