Chicken wants the scarecrow's hat. The scarecrow would be willing to swap his hat for a walking stick. The badger would swap his stick for a ribbon. The jackdaw would swap his ribbon for some wool. The sheep would swap his wool for a pair of glasses. The owl would swap his glasses for a blanket. The donkey would swap his blanket for some feathers. This satisfying tale of serial swapping results in Chicken filling the scarecrow's hat with straw for her nest, which she would not swap for anything.