The Duke decides to spare Shylock's life, but he does give half of Shylock's money to Antonio, and he gives the rest of it to the state. Antonio says that he will not accept the money if Shylock will agree to become a Christian and if, in his will, he will agree to leave his money to his daughter, Jessica, and her new husband, Lorenzo. Shylock, broken and defeated, agrees to all these conditions and leaves the court. Overjoyed, Antonio and his friends offer to pay the young lawyer whatever they can, but, oddly enough, the lawyer wishes only a certain ring which Bassanio is wearing. Bassanio is embarrassed because his wife gave this ring to him and asked him to wear it always. But the lawyer insists and, finally, Bassanio reluctantly gives away Portia's ring. Nerissa likewise cleverly manages to get from Gratiano a ring she gave him. The two ladies then hasten back to Belmont to tease their husbands about the rings.
When Bassanio and Gratiano, along with Antonio, return to Belmont, their wives inquire about the missing rings. Portia and Nerissa insist that the men no doubt gave the rings away to two other women. The husbands swear that it is not true, and it is not until Portia and Nerissa have put their husbands through some long, comically agonizing moments of discomfort that they confess that they themselves were the "learned doctor" and the "clerk" to whom the rings were given. Thus all ends happily, as Portia gives Antonio a letter informing him that three of his ships have arrived safely in port.
