What Is the Coin Scheme and Who Is Behind It in Spice and Wolf? Episode 3 Ending Explained

Spice and Wolf is notable for incorporating economic issues into its story arcs, one of which is the coin scheme or devaluation arc. The third episode puts Lawrence and Holo in the thick of it, but what exactly is going on with the coin scam, and who is behind it?

Spoiler Warning: This article contains spoilers from Spice and Wolf, so proceed with caution.

What Is the Coin Scheme in Spice and Wolf?

Credit: Passione

Spice and Wolf's coin scheme begins with Zheren, a rookie merchant, who informs Lawrence and Holo that a certain silver coin (Trenni) that is now in circulation will soon be replaced with coins containing a higher percentage of silver.

Accordingly, the new Trenni silver coin is still worth the same as the old coin, but the new coins will be worth more when exchanged for the currency of other countries.

In other words, if Lawrence collects a significant number of current Trenni silver coins and exchanges them for new coins as they become available, he can benefit handsomely from the difference.

Credit: Passione

Lawrence eventually agrees with Zheren, and the two sign a contract. Zheren requested Trenni silver pieces for the information, as well as 10% of Lawrence's earnings as part of the contract.

However, after meeting with the coin dealer, Weiz, Holo realizes that Zheren is lying.

She realizes that the newer coins are getting less pure and decreasing in value, making Lawrence's contract with Zheren a difficult matter.

ALSO READ: Spice and Wolf: Why Was Yarei Changed to Chloe in the Original Anime?

Who Is Behind the Coin Scheme in Spice and Wolf?

Credit: Passione

According to the light novel, Milone Trading Company's rival, Medio Trading Company, is paying people like Zheren to give merchants false information about how the Trenni silver coins are increasing in value rather than decreasing.

Medio Trading Company also has a financial supporter, none other than Count Erhendott, who intends to profit from both the coin scheme and the wheat tariffs.

Medio spreads falsehoods to make people believe that selling their current coins is profitable since the value of the old ones would decline once the new coins were released.

Credit: Passione

Thanks to Holo, Lawrence realizes he must go to Milone Trading Company and tell them the truth in exchange for a part of their profits, just as Zheren did to him.

He needed Milone's assistance because he lacked the capital and political clout to collect large sums of silver coins quickly.

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