  This is the second of two papers reporting observations and analysis of the
unusually bright (m_b=14.4), luminous (M_B=-25.5), nearby (z=0.192) narrow-line
quasar PHL 1811. The first paper reported that PHL 1811 is intrinsically X-ray
weak, and presented a spectral energy distribution (SED). Here we present HST
STIS optical and UV spectra, and ground-based optical spectra. The optical and
UV line emission is very unusual. There is no evidence for forbidden or
semiforbidden lines. The near-UV spectrum is dominated by very strong FeII and
FeIII, and unusual low-ionization lines such as NaID and CaII H&K are observed.
High-ionization lines are very weak; CIV has an equivalent width of 6.6A, a
factor of ~5 smaller than measured from quasar composite spectra. An unusual
feature near 1200A can be deblended in terms of Ly\alpha, NV, SiII, and CIII*
using the blueshifted CIV profile as a template. Photoionization modeling shows
that the unusual line emission can be explained qualitatively by the unusually
soft SED. Principally, a low gas temperature results in inefficient emission of
collisionally excited lines, including the semiforbidden lines generally used
as density diagnostics. The emission resembles that of high-density gas; in
both cases this is a consequence of inefficient cooling. PHL 1811 is very
unusual, but we note that quasar surveys are generally biased against finding
similar objects.
