The movie begins with P. T. Barnum and his troupe performing a show at the circus (“The Greatest Show”). We then flashback to Barnum’s childhood where he and his father Philo, a tailor, work for the Hallett family, and he becomes infatuated with their daughter, Charity. Though Charity is being sent to finishing school, Barnum reassures her they will not be separated. The two keep in touch through letters until they meet again in adulthood (“A Million Dreams”), eventually marrying and raising two daughters, Caroline and Helen, in New York City (“A Million Dreams” reprise). They live a humble life; though Charity is happy, Barnum dreams of more. Barnum loses his job as a clerk at a shipping company after the company goes bankrupt. Taking a risky bet, he takes out a large loan from a bank, deceiving the bank into accepting his former employer’s lost ships as collateral. He uses this loan to buy Barnum’s American Museum in downtown Manhattan, an attraction showcasing various wax models. Initially, sales are slow; on the suggestion of his children to showcase something “alive”, Barnum searches for “freaks” to serve as performers for his museum (“Come Alive”). This attracts a large audience despite protests and poor reviews, prompting Barnum to rename his venture “Barnum’s Circus”…
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