Le Talisman is part of a small collection of plays from the Théâtre de Guignol (Paris) published under the name Henry de Graffigny. These plays, intended to be performed by private individuals, always include a series of practical instructions on the sets to be used, the casting of roles, costumes and props, as well as recommendations on the technical execution of the show. Here, the play is presented as a ‘fairy tale’ featuring numerous pyrotechnic effects (particularly during the characters' appearances and disappearances), which are especially prominent during the show's grand finale.

The title of the play, Le Talisman, is common to other fairy tales for puppets, which often feature magical objects. However, the plot used by Graffigny seems original.

Polichinelle and Pierrot earn their living as woodcutters in a forest. The Genie of Benevolence and Charity appears to them in the guise of an old, hungry beggar. Against Polichinelle's advice, Pierrot shares their meagre meal with him. To reward him, the Genie gives Pierrot a magic wand (the ‘talisman’) that will grant all his wishes, provided they are just. But Pierrot, satisfied with his lot, desires nothing. He therefore grants Polichinelle's wishes: to eat and drink abundantly, to wear fine clothes and to be transported home to impress his wife. Meanwhile, in the Polichinelle cottage, Mrs Polichinelle complains to her neighbour, Mrs Gripanchu, about her husband's violence and laziness, and consoles herself by drinking wine. Polichinelle then bursts in, gets angry with his wife and violently chases Mrs Gripanchu away. Mrs Polichinelle tries to appease her husband. Pierrot arrives and tries to calm the couple down, but Polichinelle takes his wand and hits his wife with it. The Devil then appears and carries Mrs Polichinelle away, much to her husband's satisfaction.

Polichinelle then encourages Pierrot to use the magic wand to break into the house of Gripouillard, a crooked financier, and learn from him how to become rich. Pierrot and Polichinelle appear in his living room during his dinner. Gripouillard wants to flee, but Pierrot touches him with the talisman, wishing him to become virtuous. Transformed, the financier donates all his possessions to Polichinelle and Pierrot. While Pierrot rejoices at having brought justice, Polichinelle wants to take advantage of Gripouillard's riches. He grabs the talisman and wishes for Pierrot to be sent five hundred feet underground. Pierrot finds himself locked up in the kingdom of a Gnome who believes he has come to steal his riches. Finally convinced of Pierrot's honesty, the Gnome agrees to release him, on condition that Pierrot promises to use his talisman to transform him into the Genie of the Air. Once at the top of the magic mountain, Pierrot invokes the Genie of Good to ask for his help. The Genie tells Pierrot that he can only recover his talisman by changing Polichinelle's true nature through kindness. Through a vision, he shows him Polichinelle settled in the Manor of Eagles, where he now calls himself the Count of Polinel. Pierrot goes to the manor, where he finds Gripouillard in rags but happy.

The ruthless Polichinelle has Pierrot arrested and wants to have him hanged. The Genie of Good then appears and frees Pierrot. Far from repenting, Polichinelle threatens the Genie with the talisman, but the Genie transports Pierrot and Polichinelle to the Palace of the Genies. Polichinelle is condemned to be taken to Hell by the Devil. Pierrot asks the Genie to fulfil his promise to the Gnome, but the Genie refuses and replies that if the Gnome wants to steal, he should become a financier. The Genies organise a grand celebration in honour of Pierrot, the only good man, and the play ends on a high note.