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In February 1637, a single tulip bulb, the Viceroy, sold for 4,200 guilders. A carpenter then earned about 250 guilders a year, so that one bulb cost almost 17 years of pay: about $1 million at today's US carpenter wages. Weeks later, the market was gone. Tulip mania is supposed to be the first great financial bubble: a whole country gone mad for flowers, fortunes lost, ruined merchants drowning themselves in canals. But when historian Anne Goldgar went into the Dutch archives, she could barely find anyone who was ruined. This is the real story of tulip mania, the satire and sermons that turned it into a legend, the 1841 book that made it famous, and the virus behind the most beautiful tulips in history. Chapters 0:00 The Alkmaar auction 1:31 A flower from the east 3:15 Semper Augustus 4:28 Trading in the air 6:34 The crash 8:16 The story they told 10:31 Myth vs. record 12:31 The flames 13:32 Why it matters Sources Anne Goldgar, Tulipmania: Money, Honor, and Knowledge in the Dutch Golden Age (2007) Charles Mackay, Extraordinary Popular Delusions and the Madness of Crowds (1841) Peter Garber, Famous First Bubbles: The Fundamentals of Early Manias (2000) "Tulip mania", Wikipedia "There Never Was a Real Tulip Fever", Smithsonian Magazine In today's dollars Guilders are turned into dollars by wages: in 1637 a carpenter earned about 250 guilders a year, and a US carpenter earns about $60,580 (median, US Bureau of Labor Statistics, May 2025). So 1,000 guilders is about $240,000, the Viceroy's 4,200 guilders about $1 million, and the 10,000 guilders asked for one Semper Augustus bulb about $2.4 million. Comparing prices of goods instead of wages gives much smaller numbers. Image credits "Tile Iznik Met 64.27.17" by Marie-Lan Nguyen (2011), CC BY 2.5, via Wikimedia Commons "Judith leyster, libro dei tulipani, 1640-1700 ca. 01" by Sailko, CC BY 3.0, via Wikimedia Commons "Saint Roch attending the plague-victims in a lazaretto. Oil Wellcome L0015386" by Wellcome Collection, CC BY 4.0, via Wikimedia Commons "Myzus persicae 75370975" by Alexis, CC BY 4.0, via Wikimedia Commons "Myzus persicae 75370961" by Alexis, CC BY 4.0, via Wikimedia Commons "Tulip (Dover, Ohio, USA) 1 (27161384625)" by James St. John, CC BY 2.0, via Wikimedia Commons "Tulip (Dover, Ohio, USA) 3 (27128043586)" by James St. John, CC BY 2.0, via Wikimedia Commons "Pink-Tulip-Fields Bollenstreek Hillegom" by acediscovery, CC BY 4.0, via Wikimedia Commons Other images: public domain via Wikimedia Commons; Pexels (free license) Maps: Natural Earth (public domain) Music "Angevin" Kevin MacLeod (incompetech.com) "Cryptic Sorrow" Kevin MacLeod (incompetech.com) "Dark Walk" Kevin MacLeod (incompetech.com) "Despair and Triumph" Kevin MacLeod (incompetech.com) "Echoes of Time v2" Kevin MacLeod (incompetech.com) "Long Note Four" Kevin MacLeod (incompetech.com) "Long Note One" Kevin MacLeod (incompetech.com) "Night Vigil" Kevin MacLeod (incompetech.com) "Penumbra" Kevin MacLeod (incompetech.com) "Quinns Song-First Night" Kevin MacLeod (incompetech.com) "Sad Trio" Kevin MacLeod (incompetech.com) Licensed under Creative Commons: By Attribution 4.0 License http://creativecommons.org/licenses/by/4.0/ Sound effects: Freesound.org (CC0) #history #tulipmania #economics Stillwater Files: the stories everybody thinks they know, checked against the actual records.

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