Titre original : The Reverse Peephole
Puddy is wearing what can only be described as a "man fur." Jerry and Elaine leave it to George to sniff them out a deal on a massage chair, for an apartment warming gift for their friend Joe Mayo. Elaine doesn't like Joe's parties, because he always gives his guests an assignment. Kramer and Newman are going to reverse the peepholes on their doors. The landlord wants to evict Newman, because he is an agitator. Jerry decides to go wallet-less. George is opposed to the idea; he keeps everything in his wallet. Jerry, George, Elaine and "man furred" Puddy go to the party and get their assignments. Elaine, who is in charge of the coats, decides to throw "Dr. Zaius" (Puddy's coat) out the window. Kramer comes to Newman's defense with the landlord. Joe Mayo has the same kind of coat that Puddy had, so he wants Elaine to replace the coat, after all she was in charge. George complains about back problems that Jerry attributes to the size of his wallet. The massage chair gets delivered to George's apartment. Wallet-less Jerry must carry all his girlfriend's stuff, when they go out on their date. Newman admits to Kramer that he is sleeping with the landlord's wife. Kramer and Newman find Puddy's coat hanging in a tree.
Jerry complains about carrying all his girlfriend's stuff and Elaine tells him about Peterman's small men's carryall. "It's not a purse, it's European." Elaine decides she is out of the gift, if she has to replace the coat. George is enjoying the new chair and lies about getting the chair. Elaine finds out that Newman has Puddy's coat and she invites Newman to her apartment. Despite Elaine's come-ons, Newman won't give up the coat, he has given it to the landlord's wife. The landlord confronts Kramer, when he discovers the fur coat. Kramer says that it belongs to Jerry, because he is one of those insecure entertainers. Kramer convinces Jerry to wear the coat in front of the landlord. George continues to lie about the receiving the gift. Jerry drops out of the gift, when he finds out that Joe Mayo didn't like the music he provided at last year's party. Kramer was never in the gift, he just thought it was a good idea for a gift, he doesn't even know Joe Mayo. George will be able to return the chair, after he has the receipt in his wallet. Out on the street, George's wallet explodes. Jerry goes out on the street in the fur coat, where his "purse" is stolen and the landlord finds out the truth about the coat. Puddy gets a new coat.