Flipper leads Bud (Tommy Norden) to yet another sunken shipwreck, which has somehow previously eluded he, Ricks (Brian Kelly), and Sandy (Luke Halpin). Ricks calls in Charles G. Martin (as Dr. James) to investigate the Spanish ship, with the help of Al Leibert (as Lars Rasmussen) and his "Rasmussen School for Skin Diving" (from an earlier episode). Flipper senses something is not kosher with Mr. Martin, who is directed to turn over any treasure to Coral Key's museum fund. Flipper and Bud discover the crooked doctor is stashing the ship's valuables, which puts the boy in danger. Sandy gets Ricks, and the two go out to rescue Bud, and catch the treasure thief.
This is the first of several "Flipper" episodes directed by Marshall Thompson, who had recently made a fine guest appearance; soon, he would star in the thematically similar "Daktari" TV series (linked to "Flipper" in several ways). The tension dips in this episode, which is highlighted by Flipper's repeated dousing of Dr. James.
*** Flipper's Treasure (2/6/65) Marshall Thompson ~ Brian Kelly, Tommy Norden, Luke Halpin