Mr. Krabs is holding a yard sale at his house with items found in the trash, when SpongeBob and Patrick stop by to visit. Dennis is the first customer to come up at Mr. Krabs' yard sale. He bought an old umbrella. Later SpongeBob finds and buys a soda drinking hat for $10. Later, Krabs is confronted by a group of rich collectors, who inform him that the soda drinking hat he is in possession of is extremely valuable, and offer to pay him up to one million dollars for it. Mr. Krabs goes to SpongeBob and desperately tries to get him to give the hat back, but to no avail. Mr. Krabs then concludes that he will have to "scare" the hat off of SpongeBob.
That night, Mr. Krabs draws an obviously fake ghost on a piece of paper and puts it through SpongeBob's window using a fishing rod. SpongeBob thinks it's a real ghost, and Mr. Krabs tells him that the hat is cursed, and must be returned to its deceased original owner. When SpongeBob asks the name of the owner, Mr. Krabs hastily makes up the name. However, Mr. Krabs' plan backfires when there turns out to be an actual dead person with that name, and that SpongeBob buried the hat in this grave.
Mr. Krabs goes to the cemetery, where he gets scared and hides behind a headstone, when along comes Squidward bringing flowers to a grave labeled "Squidward's Hopes and Dreams" and remarks "What a baby."
Mr. Krabs then proceeds to remember things SpongeBob has said to him, and uses that information to find and then defile Smitty's grave and take the hat. However, Smitty and the others buried in the cemetery suddenly come to life, and attempt to get the hat back. Mr. Krabs grabs the head of an undead swordfish, and uses that as his sword. He fights the undead skeleton warriors all night, eventually defeating them all and escaping with the hat. He then goes to the collectors and tells them that he got the hat back, but the collectors laugh at him telling him that they found a warehouse full of soda drinking hats and that it's now worthless. The collectors see SpongeBob wearing a clapping hat and they chase him, offering to pay one billion dollars for his hat. Mr. Krabs starts crying, and Squidward, who was seen bringing flowers to the grave of "Squidward's Hopes And Dreams" in the graveyard, says "What a baby."
After or in between every episode where SpongeBob's bedroom is upstairs
When Mr. Krabs gets the "million dollar" hat, he goes back to his back yard where the previous buyers of the hat are all gathered, later to find none of them are interested in buying the hat at all. This is unrealistic that they would all still be waiting for him to return having known that the hat is now worthless, unless they think Mr. Krabs has another "million dollar" hat.
The name of the episode is a reference to the saying "One man's trash is another man's treasure," coincidentally, The French Narrator says exactly the same phrase at the beginning of the episode.
Patrick pays Mr. Krabs $7, but the toilet plunger costs $5, so Mr. Krabs should've given him $2 change. Mr. Krabs is simply too cheap to give Patrick change, or the underwear stuck in Patrick's lollipop costs $2.
In this episode, SpongeBob's bedroom is on the first floor. This is most likely because it would be impossible for Mr. Krabs to scare SpongeBob on the second floor.
Mr. Krabs claims that Smitty was #1 in bogeyland, but it's unknown what Smitty was actually #1 for.
When the undead army appears, Mr. Krabs describes the many gruesome things zombies are known for doing in many stories and films depicting them.
The title is a reference to "One Man's Trash."
Mr. Krabs says "I've seen this on the Late Show," referencing the CBS talk show of the same name. However in this episode, the Late Show he's talking about appears to be a horror show.
When SpongeBob gives Mr. Krabs a bill, and then goes home to search for more money, he comes back with 2 bills in his hand.
When Mr. Krabs is standing in front of Smitty's grave it says "Smitty Werben Man Jensen" but, according to the name, Mr. Krabs told SpongeBob it really should be "Smitty Werben Jager Man Jensen." The graveyard illustrator forgot the word "Jager."
In Indonesia, Krabs' line, which is "Of course I am!" changed to "Doomed me!"
On the DVD releases, this episode is listed as "One Krab's Trash" adding an apostrophe to the title.
When SpongeBob's head turns during the The Shopping List Ghost scares him, The #1 on the hat turns backwards.
When Mr. Krabs is leaving SpongeBob's house and was heading to the cemetery, Squidward’s house is not there.
In SpongeBob's memory of the time he and the hat were together, SpongeBob goes from the stand to just a few feet away, but in reality, he is next to his house.
Before Mr. Krabs tries to remember what SpongeBob told him, there are headstones around him. However, when he sees Smitty's headstone, there are no other head stones around.
When Smitty is dead, Smitty has neck bones, but when he is alive, he only has one bone for the neck.