January, 1920. On the eve of Prohibition, Atlantic City's duplicitous Treasurer, Nucky Thompson, plots to make huge profits selling bootleg liquor. Later, he flirts with Margaret Schroeder, a pretty, pregnant wife with an abusive husband, and assures WWI vet Jimmy Darmody that his new job will lead to bigger things.

An unlikely witness threatens to expose the perpetrators of the woods massacre. As Nucky re-evaluates his relationship with Lucy, Margaret starts a new job. Chalky's team pays a heavy price for taking over Mickey Doyle's bootleg operation, causing Chalky to reevaluate his relationship with Nucky. After questioning Angela's loyalty, Jimmy heads west.