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Spicy Wolf 3 - CR vs 9volt

Created 11 months agoDiff never expires

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Crunchyroll

9volt

# Exported by Aegisub 9706-cibuilds-20caaabc0

What a grand town!

That's Pazzio.

Does a king reside here?

Could there be a palace here?

It's a town of nobles and merchants. There's no king here.

This is a town of nobles and merchants. There is no king.

I cannot believe there is a town with so many people and no king...

I cannot believe a town of this size is not ruled by a king.

Don't you need to hide your face?

Shouldn't you be hiding your face?

Face?

My face?

People from Pasloe might travel through here.

There may be people from Pasloe in the area.

I was wondering if they would recognize you.

Isn't there a chance that someone may recognize you?

Oh, is that all.

Oh, is that all?

You were in that village for hundreds of years.

You were in that village for centuries.

Don't they have legends about you?

Do they not have legends about you?

There are.

They do.

"Holo sometimes appears in the form of a beautiful girl."

"Holo sometimes takes the form of a human,

"She looks like she is in her mid-teens with flowing hair, wolf ears,

with the body of a girl, fifteen summers old.

and a dark brown tail that is white at the tip."

With long, flowing hair, ears of a wolf,

"As long as you keep her form a secret,

and a beautiful dark brown coat bar her graceful white-tipped tail."

she promises a bountiful harvest in the following year."

"In exchange for keeping this form a secret,

They know all your characteristics!

she promises the village a bountiful harvest."

They know everything about you!

Hmph.

No one will recognize me.

They've long forgotten me.

They have long since forgotten me.

I see.

Hey, you.

They will not recognize me, right?

That's what I'm hoping.

I certainly hope so.

Well, I'm sure it will be fine.

Well, I'm sure we will be fine.

There seems to be a lot of delicious things!

There is a lot of delicious-looking food here!

What good looking apples.

What good-looking apples.

Right? Do they not look enticingly delicious?!

Right? Do they not look enticingly delicious?

Yeah.

Yeah, they do.

That's right.

That reminds me,

An acquaintance of mine invested in an apple venture.

an acquaintance of mine once invested in an apple venture.

He put more than half of his entire assets in it.

He put more than half of his total assets into it.

His total worth may be much higher than mine now.

If they turned out like these, he could've easily doubled his money.

I should have also invested.

I should've done the same.

Y-Yes, that is quite unfortunate.

Y-Yes, that is most unfortunate.

But it was a risky gamble.

It was a very risky gamble.

I'd rather invest in a commercial ship.

I'd rather invest in a freighter ship.

Commercial ship?

A freighter ship?

Merchants who have contracts with one another pool their money to borrow one.

Merchants will sometimes pool their money to rent a freighter ship.

The amount of storage space you can use depends on the amount you paid.

The amount and type of cargo depends on how much money they can put up.

What's wrong?

The apples...

Apples...

I wish to eat some apples.

Oh, so that's what it was.

Oh, so that's what it is!

Here.

Buy as many as you'd like.

Who spends an entire silver coin on apples?

You were the one who said I could buy as many as I'd like.

You were the one who said I could buy as many as I wanted.

Make sure you earn your own keep.

You pretended you didn't notice earlier.

You pretended not to notice earlier.

It must feel nice to know what others are thinking so clearly.

It must be nice to know what others are thinking all the time.

I'll have one myself...

I think I'll have one myself...

Ouch!

These are mine!

Mine!

I'm the one who paid for them!

Hey, I'm the one who paid for them!

I am the Wise Wolf Holo. I can earn this amount of money quickly.

I am Holo the Wisewolf! I can make that much money anytime I wish.

Well, I'm looking forward to it.

Ah, well, do carry on, then.

That silver coin was for tonight's room and board!

I'd planned on using that money for lodging tonight!

Apples are the devil's fruit.

They are full of irresistibly sweet temptation.

Full of irresistibly sweet temptation.

If you're a wise wolf, why don't you try to overcome such greed?

Shouldn't a Wisewolf be able to overcome such temptation?

You may lose many things due to greed, but you gain no benefits from abstinence.

While one might lose much to avarice, nothing was ever accomplished by abstinence.

We'll be selling the furs at the Milone Trading Company over there.

We'll be selling the furs at the Milone Company over there.

I believe there were bigger buildings on our way here.

I believe we passed some larger buildings on our way here.

This is the third largest trading company here.

It is the third largest company here.

However, this is just a branch of a very large company that is well-established

However, this is just a branch of a very large company established in a country to the south.

in a country farther south.

Because of that, they will often purchase items at higher prices

In other words, they often purchase items at a higher price

to compete in the local market as outsiders.

to compete in the market as outsiders.

On top of that...

"They are able to collect a lot of information from their various branches," right?

"... they are able to collect a lot of information from their various branches"?

Since they run a trading company that crosses borders,

As an international company,

they must be sensitive to the changes of the currency market...

they must be quick to pick up on changes in the currency market...

E-Exactly...

P-Precisely...

I want to investigate the information that young man named Zheren gave us.

I want to investigate the information that Zheren kid gave us.

Welcome to the Milone Trading Company.

Welcome to the Milone Company.

There are a lot of people.

There's a lot of people here.

It's almost time for our grand expedition to the North.

It's almost time for our grand Northern expedition.

The number of wares being taken to and from Ruvinheigen has been overwhelming.

The number of wares passing through Ruvinheigen has been overwhelming.

No one wishes to waste money-making opportunities.

No one wishes to waste a money-making opportunity.

You're right about that.

Absolutely right, sir.

So, what business do you have with us today?

You purchased wheat from me before. Today, I'd like to sell you some fur pelts.

I've sold wheat here before, but today I have some furs to sell.

Business is always welcome. Right this way.

Thank you for considering our trading company today.

Thank you for patronizing our company today.

Mr. Kraft Lawrence, wasn't it?

Mr. Kraft Laurentz, wasn't it?

Please just call me Lawrence.

Lawrence.

I'm honored you still remember my name from three years ago.

No, no. Pardon.

No, the honor is mine. Pardon my mistake.

I hear you wish to sell fur pelts today?

I hear you wish to sell furs?

Yes. I have seventy marten pelts of good quality today.

Yes. I have seventy fine-quality marten furs today.

What fine pelts.

What fine furs, indeed.

Crops have been bountiful this year, so we haven't obtained many marten pelts.

Crops have been bountiful this year, so marten furs have been scarce.

I'm sure that all the farmers have their hands full with the farm work this year.

All the farmers must have their hands full this year.

Even so, I managed to collect this many high quality fur pelts.

Even so, I managed to collect all these quality furs.

They are more than acceptable.

Then, since we've done business with you before,

Then, since you've done business with us before,

how about 132 coins of Trenni silver?

how does one hundred thirty-two Trenni silver sound?

Hm, it is hard to come across furs of this quality.

Hm, furs of this quality are hard to come by.

I was hoping to deepen our relationship through this trade...

I was hoping to further our relationship with this trade...

Our company would love to do so as well.

Taking our future relationship into consideration...

Taking our future ventures into consideration...

How about 140 silver coins?

What do you say to a hundred forty, then?

Yes, then let's...

Please excuse me for a moment.

Excuse me.

What is it?

I know nothing about the market. How is the price?

Pretty good.

Quite good.

Then, is this price acceptable?

Well, then, do we have an agreement?

140 Trenni silver coins!

One hundred forty Trenni silver?!

Is that what you said?

Oh, yes.

Uh, yes.

I said 140 Trenni silver coins.

One hundred forty Trenni silver.

I see that you are a merchant of exceptional caliber.

I take it you are a merchant of exceptional caliber.

Wait, is that why you act as if you have not noticed?

Or might you be merely acting as if you have not noticed?

If so, we cannot easily let our guard down around you.

M-My apologies. Have I missed something?

M-My apologies. Have I perhaps overlooked something?

Master, please refrain from such bullying.

Master, it is not polite to make sport of people.

Th-That wasn't my intention.

Th-That certainly was not my aim.

Let him know.

Then, you can be the one to tell him.

Yes, Master.

Sir, please take a whiff of these pelts.

Sir, if you would please sample the scent of these furs.

Well?

Is this the scent of fruits?

Is this the scent of fruit?

Yes, the forests have also produced much fruit this year.

Indeed. The forests have been overflowing with fruit this year.

These are furs of martens that lived in such a forest.

These here martens were scampering about the forest,

They filled their bellies with so much good food

gorging themselves on delicious fruits such that their bodies exude this sweet aroma.

that their bodies exuded a sweet aroma.

You're right!

I see that!

These marten furs are the highest of caliber.

These marten pelts are the highest of caliber.

It took two men to pull the hides clear of the bodies, for they are so tough.

It took two large men to skin and treat them as their bodies were so firm.

Why don't you give it a try?

Try pulling the pelt.

Harder!

What do you think?

It is as resilient as a fierce beast.

This fur is as strong as the beast it comes from,

It can warm you like the sunshine in spring and repel the moisture of the rain.

and it will keep the wearer warm as a spring day, sheltered from rain from dawn to dusk.

On top of that, this scent.

And on top of that, the scent itself!

Imagine how much this would shine amongst other clothes

Just imagine coming across a perfumed piece of clothing

made of normal smelly marten fur.

amongst the piles of coats made of normal stinky marten fur.

I am sure you can sell them at an incomparable price.

I am sure you could sell these at an incomparable price.

Now.

So.

Please tell me again at what price you wish to purchase these fur pelts?

Tell me, now how much do you think these pelts are worth?

Well, then...

How about 200 Trenni silver coins?

How about two hundred Trenni silver?

What about three silver coins per pelt?

What do you say to three each?

In other words, 210 coins.

In other words, two hundred ten in total.

Master, what about a different trading company?

Master, perhaps we should try elsewhere?

I-I accept! Please let me purchase them at 210 coins!

I-I accept! Please let me purchase them for two hundred ten silver!

That is what he says, Master.

You heard the man, Master.

Y-Yes.

Wine is definitely the best!

Nothing beats a cup of wine!

Are you not going to drink? It is my treat.

Have you ever been a merchant before?

Have you worked as a merchant before?

What? Did I hurt your pride with my act?

Oh, I'm sorry, did I injure your pride?

I just used the same method as a sharp-witted merchant that once visited the village.

I simply used a method I once saw used by a sharp-witted merchant that once visited the village.

I did not think it up myself.

I did not invent it myself.

But I never noticed.

I touched handled them multiple times and never caught the scent of fruit.

I'd held them in my hands several times, but I never once smelled fruit.

Well, that was from the apples I bought before.

Well, that was from the apples we bought.

That means that...!

But that means that—

"It is his fault for falling for the trick."

It is his fault for being tricked.

Well, I would not go as far as saying that...

Well, maybe not that far...

But I am sure he will be impressed to know the existence of such a method.

But I am sure he will be impressed when he figures it out.

Well, you're probably right.

Well, you may have a point.

People who are easily angered from being tricked will never get far.

There's no point in being angry when you are tricked.

A true professional would be impressed at being beaten.

A merchant knows to be impressed.

That aside, have you done what you needed to do?

For now.

I guess.

They didn't seem to have any knowledge about a country

They didn't seem to have any knowledge about a country with a newly minted silver coin.

whose silver coin was being newly minted.

The company didn't seem to be hiding anything, either...

The Milone Trading Company didn't seem to be hiding anything, either...

Well, whatever Zheren is really playing at,

Well, no matter what kind of gimmick Zheren's story has,

I'm fine as long as I come out ahead and profit.

I'm fine as long as I don't lose money and come out ahead.

Cheers to our reunion!

This is good alcohol.

This is good stuff!

It must mean that you made quite a profit on your fur pelts!

Dare I say you made quite a profit on those furs!

Yeah.

I'm glad to hear that.

The more money you have to invest, the more profit I'll make.

More capital means more profit, after all.

Enough about that.

You said you wanted a share of my profits in exchange for the information of

In exchange for selling me information on the coin due for a purer re-minting,

which coin was going to be minted with a higher percentage of silver.

you are asking for a portion of the profits.

Am I right?

Yes.

Are you sure about this information?

And are you sure this rumor can be trusted?

Well, to begin with...

Well, you see...

This is a guess from some information I gained from a mining town I used to live in.

It's a prediction based on some information I got while in a small mining town.

I think the information is pretty dependable.

So, I think it's trustworthy,

But, well...

but, you know,

Business is never a sure thing.

there's no guarantees in the world of business.

That's true.

True that.

I was planning on turning you down if you said you were absolutely sure.

I was planning on turning you down if you said it was guaranteed.

I'd be suspicious of such a good deal.

So, what's your share?

Yes, I'd like ten Trenni silver coins for the information

Ah, yes, I'd like ten Trenni silver for the information

and ten percent of your profits.

and ten percent of the profit.

That's pretty conservative.

Well, I hold no responsibility if you end up at a loss.

In exchange for keeping at ten percent,

In exchange for sticking to ten percent,

I'm hoping that returning your ten silver coins will be enough

I was hoping that returning the information fee would be enough to end the deal if you take a loss.

to end the deal if you take a loss.

I see.

The settlement date will be three days before the large spring market next year.

The settlement date will be three days before next year's spring market.

I believe this'll all happen before the end of this year.

In half a year? Sounds good.

Half a year? Sounds good to me.

Then, I'd like to have a contract made at the public notary tomorrow.

Got it.

To our profits!

Our profits!

To our profits!

A Farum silver coin!

A Farum silver!

Wrong. That's a fake Marinne silver coin.

Wrong. That's a fake Marinne silver.

Is that not this one?

That's a Mitzfing Sacred Birthday Festival silver coin.

That's a Mitzfing Sacred Birthday Festival silver.

You'll learn to tell them apart as you use them.

You'll learn to tell them apart with practice.

Let's continue after you've sobered up.

No! One more time!

No! Again!

It can't be helped. Make sure you listen carefully.

If you say so. Make sure you listen carefully.

Trenni silver coin, Philing silver coin, Illaid silver coin,

Trenni silver, Philing silver, Illaid silver,

Lute silver coin, fake Marinne silver coin,

Lute silver, fake Marinne silver,

Farum silver coin, Calvous King Lambardo silver coin,

Farum silver, Calvous King Lambardo silver,

Mitzfing Cathedral silver coin, fake Mitzfing Cathedral silver coin,

Mitzfing Cathedral silver, fake Mitzfing Cathedral silver,

Holy Mitzfing silver coin,

Holy Mitzfing silver,

and Mitzfing Sacred Birthday Festival...

Enough. I shall sleep.

Enough. I shall rest.

A wise choice.

Hmph. Why are there so many different kinds?

Hmph. Why must there be so many different kinds?

As new kingdoms rise and fall,

the powerful and the Church keep minting new types of coins.

their new rulers keep minting new types of coins—as does the Church.

On top of that, counterfeiting never ceases.

Lute silver coins were originally called fake Trenni silver coins...

Lute silver were originally called fake Trenni silver...

Thanks for the information.

Thank you.

Mister, I hope you make a lot of money.

Sir, I hope you make tons of money.

I hope you stay beautiful, Ma'am!

He was noisy until the very end...

Noisy until the very end...

So, which silver coin is the one in question?

So, which coin is the one in question?

This one. The Trenni silver coin.

This one. The Trenni silver.

It's a highly trusted coin in this area.

Trusted?

Yeah. There are several hundred types of currency

Yeah. There are hundreds of different currencies,

and the amounts of silver and gold in them often change.

and the amounts of silver and gold in the coins vary constantly.

The value of a coin is much higher than the silver or gold in them.

The value of a coin is much higher than the precious metals it's made from.

That's why trust in them is needed to make transactions.

That's why trust is needed to make transactions.

I see.

So, what do you make of it?

I'm not sure, but I have some ideas about it.

I'm not sure, but I have some ideas.

I wish to eat that.

I wish to eat one of those.

So, what did you realize?

His story may be true if it has to do with Trenni silver coins.

If it's about the Trenni, his story may be true.

This is a Philing silver coin.

This is a Philing silver.

It has a high percentage of silver and it's popular in the market.

It has a high silver content and it's popular in the market.

It could be considered Trenni's rival coin.

It could be considered Trenni's rival.

No matter the era, the value of a coin

No matter the era, the value of a coin has always depended on the power of its country.

has always depended on the power of that country.

If foreign currencies dominate a country's market,

they get trapped economically.

they'll get trapped economically.

It's the same as losing in a war.

It's no different from losing in a war.

In other words,

Then, they may be increasing the amount of silver in their coins to defeat their rival.

they may be increasing the amount of silver in their coins to defeat their rival.

Yes.

That's why Zheren may not necessarily be lying as you had thought.

Well, my ears are not perfect.

Well, I suppose my ears are not impeccable.

What? Did you think I would be upset?

I did.

Though, I may become upset with your opinion of me.

Well, I might become angry at that!

Where are you going?

The bridge.

An acquaintance of mine is a currency dealer there.

An acquaintance of mine is a cambist there.

It's hard to actually tell the purity of a currency accurately.

It's hard to actually tell the purity of a coin accurately.

Even so, the reason certain currencies rise and fall in popularity is

Even so, the reason currencies fluctuate in popularity

because people are sensitive to the changes in purity of silver and gold.

is because people are sensitive to the changes in purity,

Enough to think that a small change is a huge one.

and often treat even a minor change as something major.

That's why there is always some kind of indication

That's why there's always some kind of indication

when a currency undergoes a big change.

There's no need to remember all of this right away.

You don't have to remember all that now.

I'll explain it to you slowly over the next month.

I'll explain everything to you slowly over the next month.

In other words...

So...

When the minter plans to make a great change in the purity of a coin,

When the mint plans to make a change to the purity of a coin,

they will start with small changes to monitor the market's reaction, right?

they will start small to monitor the market's reaction, right?

Y-Yeah, th-that's about right.

Long time no see, Weiz.

Lawrence!

Nice to meet you. What is your name?

Nice to meet you. What's your name, miss?

My name is Holo...

My name is Holo.

Holo. What a nice name!

Hey, now...

How about working at my shop? And perhaps becoming my wife...

How 'bout you come work at my shop? Or maybe be my bride one day?

A currency dealer works with many different currencies, do they not?

Cambists work with many currencies, do they not?

I do not know much about them.

I know very little of them.

No problem! I can teach you! We can take our sweet time!

Not a problem! I'll teach you! We can take our sweet time!

Weiz, I wanted to talk to you about something.

What is it?

I want to see some recently minted Trenni silver coins.

I want to see some recently minted Trenni silver.

From older to newer.

Nothing's changed.

Even people like me, who handle money every day, haven't noticed any changes.

Even us cambists, who handle money every day, haven't noticed any changes.

Any interest in melting it down and checking?

Don't want to melt them down, eh?

Don't be stupid. I can't do that!

May I see them as well?

Might I see them as well?

Did you notice something?

Feel free!

Be my guest!

You are such a bad man.

Oh, sir, you're such a cad!

Sorry! You were so beautiful that I couldn't help it.

Sorry! You're just so beautiful, I can't help it!

Well, please watch.

Well, now. Let's see.

That's impossible.

Now that's impossible.

I've been a currency dealer for decades and I can't tell the purity just by the sound.

I've been a cambist for decades and I can't tell the purity just by the sound.

I've heard of people who could tell, but even those stories are just legends.

I've heard of people who could, but those stories are just legends.

Well? Can you tell?

Well? Can you hear anything?

Not at all.

I cannot tell.

It can't be helped. It can't be helped.

Too bad, too bad.

Forget about the silver and have dinner with me instead.

Now, forget about the coin and join me for dinner!

What an interesting man.

He was an interesting sort.

He's a big womanizer.

Did the purity increase? Or decrease?

So, how about the coin's purity? Did it increase? Or decrease?

You've become good at tricking others to answer.

You have gotten quite good at tricking others to answer.

I saw your ears move.

I saw your ears twitch.

I cannot let my guard down around you.

I cannot let my guard down.

I was surprised you didn't say anything.

Well, it was my way of thanking you.

Well, you can call it compensation.

Thanking me?

Compensation?

You were jealous earlier, were you not?

You were a bit jealous earlier, were you not?

It was to thank you for that.

There's no need to be bothered by it.

Males are all jealous idiots.

All males burn with foolish jealousy.

And females are idiots who feel happy about such things.

And females are foolish to take delight in it.

The world is full of idiots.

The world is full of fools.

How were the silver coins?

How were the coins?

It was very gradual, but the newer coins sound duller.

It was very minute, but the newer coins sounded duller.

Duller? Then the purity is decreasing...

Which means Zheren lied.

Which would mean that Zheren is lying.

It's easy to make a profit if the purity of silver or gold were increasing.

It's easy to make a profit if the purity is increasing.

All you have to do is buy up the old coins and exchange them with the new ones.

You just have to buy up the old coins and exchange them for the new ones.

But if the purity is decreasing,

it's hard to make money even if you know ahead of time...

You could buy them up when their value decreases,

but you'd need starting funds for something like that

but you'd need upfront capital for that,

and it'd be unlikely to make a profit in half a year...

and it'd be unlikely to profit in half a year...

I have no idea. How does Zheren plan to make a profit from this?

You may have been tricked.

You have been taken, my friend!

Tricked? You mean he swindled ten silver coins from me?

Taken? You mean he swindled ten Trenni from me?

No. If the value of Trenni silver decreases,

that kid would return the ten silver coins to you.

he would return the ten to you.

At worst, he wouldn't make any money.

At worst, he breaks even.

On the other hand, if the value increases,

However, if the value increases,

he earns ten percent of the profits without risking any money.

he earns ten percent of the profit, without any risk.

Even if he has no gains, he has no losses.

Even if he gains nothing, he loses nothing.

I see what you mean.

Humans are so quick to understand.

I can't believe it. Such an elementary mistake...

It's just...

Is it common for the purity in silver to decrease?

Is it common for coin purity to decrease?

No, normally the purity level of a silver coin

No, normally the purity of a silver coin would be maintained to the highest degree.

would be maintained with the utmost of care.

And yet, out of nowhere comes a deal hinging on the purity of coins.

We suddenly received information about the purity of a coin at a time like this.

What a coincidence.

Is this truly a coincidence?

When hunting prey, sometimes I will climb a tree.

There are times we wolves climb up a tree when hunting prey.

The forest looks different from on high. It's a change in perspective.

We change our perspective. The forest looks different atop a tree.

I should change my perspective?

Perhaps that kid isn't the true swindler here?

What if that kid isn't the true swindler here?

That kid may not need to receive benefit directly from us.

After all, his own gains don't have to come directly from his partner.

He may have been asked by someone to bring up this deal to others.

Perhaps he was simply hired by somebody else to go around offering these weird contracts.

I see!

Aha!

I've figured it out.

The way you can make money with a silver coin that's dropping in value!

How to make money by buying a depreciating coin!

It seems you have realized something.

Let's go!

Where?

To the Milone Trading Company!

To the Milone Company!

Next Episode: Romantic Merchant and Moonlit Farewell

Next Episode: "Dreamy Merchant and Moonlit Farewell"

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# Exported by Aegisub 9706-cibuilds-20caaabc0
What a grand town!
That's Pazzio.
Does a king reside here?
It's a town of nobles and merchants. There's no king here.
I cannot believe there is a town with so many people and no king...
Don't you need to hide your face?
Face?
People from Pasloe might travel through here.
I was wondering if they would recognize you.
Oh, is that all.
You were in that village for hundreds of years.
Don't they have legends about you?
There are.
"Holo sometimes appears in the form of a beautiful girl."
"She looks like she is in her mid-teens with flowing hair, wolf ears,
and a dark brown tail that is white at the tip."
"As long as you keep her form a secret,
she promises a bountiful harvest in the following year."
They know all your characteristics!
Hmph.
No one will recognize me.
They've long forgotten me.
I see.
Hey, you.
They will not recognize me, right?
That's what I'm hoping.
Well, I'm sure it will be fine.
There seems to be a lot of delicious things!
What good looking apples.
Right? Do they not look enticingly delicious?!
Yeah.
That's right.
An acquaintance of mine invested in an apple venture.
He put more than half of his entire assets in it.
His total worth may be much higher than mine now.
I should have also invested.
Y-Yes, that is quite unfortunate.
But it was a risky gamble.
I'd rather invest in a commercial ship.
Commercial ship?
Merchants who have contracts with one another pool their money to borrow one.
The amount of storage space you can use depends on the amount you paid.
What's wrong?
The apples...
I wish to eat some apples.
Oh, so that's what it was.
Here.
Buy as many as you'd like.
Who spends an entire silver coin on apples?
You were the one who said I could buy as many as I'd like.
Make sure you earn your own keep.
You pretended you didn't notice earlier.
It must feel nice to know what others are thinking so clearly.
I'll have one myself...
Ouch!
These are mine!
I'm the one who paid for them!
I am the Wise Wolf Holo. I can earn this amount of money quickly.
Well, I'm looking forward to it.
That silver coin was for tonight's room and board!
Apples are the devil's fruit.
They are full of irresistibly sweet temptation.
If you're a wise wolf, why don't you try to overcome such greed?
You may lose many things due to greed, but you gain no benefits from abstinence.
We'll be selling the furs at the Milone Trading Company over there.
I believe there were bigger buildings on our way here.
This is the third largest trading company here.
However, this is just a branch of a very large company that is well-established
in a country farther south.
In other words, they often purchase items at a higher price
to compete in the market as outsiders.
On top of that...
"They are able to collect a lot of information from their various branches," right?
Since they run a trading company that crosses borders,
they must be sensitive to the changes of the currency market...
E-Exactly...
I want to investigate the information that young man named Zheren gave us.
Welcome to the Milone Trading Company.
There are a lot of people.
It's almost time for our grand expedition to the North.
The number of wares being taken to and from Ruvinheigen has been overwhelming.
No one wishes to waste money-making opportunities.
You're right about that.
So, what business do you have with us today?
You purchased wheat from me before. Today, I'd like to sell you some fur pelts.
Business is always welcome. Right this way.
Thank you for considering our trading company today.
Mr. Kraft Lawrence, wasn't it?
Please just call me Lawrence.
I'm honored you still remember my name from three years ago.
No, no. Pardon.
I hear you wish to sell fur pelts today?
Yes. I have seventy marten pelts of good quality today.
What fine pelts.
Crops have been bountiful this year, so we haven't obtained many marten pelts.
I'm sure that all the farmers have their hands full with the farm work this year.
Even so, I managed to collect this many high quality fur pelts.
They are more than acceptable.
Then, since we've done business with you before,
how about 132 coins of Trenni silver?
Hm, it is hard to come across furs of this quality.
I was hoping to deepen our relationship through this trade...
Our company would love to do so as well.
Taking our future relationship into consideration...
How about 140 silver coins?
Yes, then let's...
Please excuse me for a moment.
What is it?
I know nothing about the market. How is the price?
Pretty good.
Then, is this price acceptable?
140 Trenni silver coins!
Is that what you said?
Oh, yes.
I said 140 Trenni silver coins.
I see that you are a merchant of exceptional caliber.
Wait, is that why you act as if you have not noticed?
If so, we cannot easily let our guard down around you.
M-My apologies. Have I missed something?
Master, please refrain from such bullying.
Th-That wasn't my intention.
Let him know.
Yes, Master.
Sir, please take a whiff of these pelts.
Well?
Is this the scent of fruits?
Yes, the forests have also produced much fruit this year.
These are furs of martens that lived in such a forest.
They filled their bellies with so much good food
that their bodies exuded a sweet aroma.
I see that!
These marten pelts are the highest of caliber.
It took two large men to skin and treat them as their bodies were so firm.
Try pulling the pelt.
Harder!
What do you think?
It is as resilient as a fierce beast.
It can warm you like the sunshine in spring and repel the moisture of the rain.
On top of that, this scent.
Imagine how much this would shine amongst other clothes
made of normal smelly marten fur.
I am sure you can sell them at an incomparable price.
Now.
Please tell me again at what price you wish to purchase these fur pelts?
Well, then...
How about 200 Trenni silver coins?
What about three silver coins per pelt?
In other words, 210 coins.
Master, what about a different trading company?
I-I accept! Please let me purchase them at 210 coins!
That is what he says, Master.
Y-Yes.
Wine is definitely the best!
Are you not going to drink? It is my treat.
Have you ever been a merchant before?
What? Did I hurt your pride with my act?
I just used the same method as a sharp-witted merchant that once visited the village.
I did not think it up myself.
But I never noticed.
I touched handled them multiple times and never caught the scent of fruit.
Well, that was from the apples I bought before.
That means that...!
"It is his fault for falling for the trick."
Well, I would not go as far as saying that...
But I am sure he will be impressed to know the existence of such a method.
Well, you're probably right.
People who are easily angered from being tricked will never get far.
A true professional would be impressed at being beaten.
That aside, have you done what you needed to do?
For now.
They didn't seem to have any knowledge about a country
whose silver coin was being newly minted.
The Milone Trading Company didn't seem to be hiding anything, either...
Well, no matter what kind of gimmick Zheren's story has,
I'm fine as long as I don't lose money and come out ahead.
Cheers to our reunion!
This is good alcohol.
It must mean that you made quite a profit on your fur pelts!
Yeah.
I'm glad to hear that.
The more money you have to invest, the more profit I'll make.
Enough about that.
You said you wanted a share of my profits in exchange for the information of
which coin was going to be minted with a higher percentage of silver.
Am I right?
Yes.
Are you sure about this information?
Well, to begin with...
This is a guess from some information I gained from a mining town I used to live in.
I think the information is pretty dependable.
But, well...
Business is never a sure thing.
That's true.
I was planning on turning you down if you said you were absolutely sure.
I'd be suspicious of such a good deal.
So, what's your share?
Yes, I'd like ten Trenni silver coins for the information
and ten percent of your profits.
That's pretty conservative.
Well, I hold no responsibility if you end up at a loss.
In exchange for keeping at ten percent,
I'm hoping that returning your ten silver coins will be enough
to end the deal if you take a loss.
I see.
The settlement date will be three days before the large spring market next year.
I believe this'll all happen before the end of this year.
In half a year? Sounds good.
Then, I'd like to have a contract made at the public notary tomorrow.
Got it.
To our profits!
Our profits!
A Farum silver coin!
Wrong. That's a fake Marinne silver coin.
Is that not this one?
That's a Mitzfing Sacred Birthday Festival silver coin.
You'll learn to tell them apart as you use them.
Let's continue after you've sobered up.
No! One more time!
It can't be helped. Make sure you listen carefully.
Trenni silver coin, Philing silver coin, Illaid silver coin,
Lute silver coin, fake Marinne silver coin,
Farum silver coin, Calvous King Lambardo silver coin,
Mitzfing Cathedral silver coin, fake Mitzfing Cathedral silver coin,
Holy Mitzfing silver coin,
and Mitzfing Sacred Birthday Festival...
Enough. I shall sleep.
A wise choice.
Hmph. Why are there so many different kinds?
As new kingdoms rise and fall,
the powerful and the Church keep minting new types of coins.
On top of that, counterfeiting never ceases.
Lute silver coins were originally called fake Trenni silver coins...
Thanks for the information.
Thank you.
Mister, I hope you make a lot of money.
I hope you stay beautiful, Ma'am!
He was noisy until the very end...
So, which silver coin is the one in question?
This one. The Trenni silver coin.
It's a highly trusted coin in this area.
Trusted?
Yeah. There are several hundred types of currency
and the amounts of silver and gold in them often change.
The value of a coin is much higher than the silver or gold in them.
That's why trust in them is needed to make transactions.
I see.
So, what do you make of it?
I'm not sure, but I have some ideas about it.
I wish to eat that.
So, what did you realize?
His story may be true if it has to do with Trenni silver coins.
This is a Philing silver coin.
It has a high percentage of silver and it's popular in the market.
It could be considered Trenni's rival coin.
No matter the era, the value of a coin
has always depended on the power of that country.
If foreign currencies dominate a country's market,
they get trapped economically.
It's the same as losing in a war.
In other words,
they may be increasing the amount of silver in their coins to defeat their rival.
Yes.
That's why Zheren may not necessarily be lying as you had thought.
Well, my ears are not perfect.
What? Did you think I would be upset?
I did.
Though, I may become upset with your opinion of me.
Where are you going?
The bridge.
An acquaintance of mine is a currency dealer there.
It's hard to actually tell the purity of a currency accurately.
Even so, the reason certain currencies rise and fall in popularity is
because people are sensitive to the changes in purity of silver and gold.
Enough to think that a small change is a huge one.
That's why there is always some kind of indication
when a currency undergoes a big change.
There's no need to remember all of this right away.
I'll explain it to you slowly over the next month.
In other words...
When the minter plans to make a great change in the purity of a coin,
they will start with small changes to monitor the market's reaction, right?
Y-Yeah, th-that's about right.
Long time no see, Weiz.
Lawrence!
Nice to meet you. What is your name?
My name is Holo...
Holo. What a nice name!
Hey, now...
How about working at my shop? And perhaps becoming my wife...
A currency dealer works with many different currencies, do they not?
I do not know much about them.
No problem! I can teach you! We can take our sweet time!
Weiz, I wanted to talk to you about something.
What is it?
I want to see some recently minted Trenni silver coins.
From older to newer.
Nothing's changed.
Even people like me, who handle money every day, haven't noticed any changes.
Any interest in melting it down and checking?
Don't be stupid. I can't do that!
May I see them as well?
Did you notice something?
Feel free!
You are such a bad man.
Sorry! You were so beautiful that I couldn't help it.
Well, please watch.
That's impossible.
I've been a currency dealer for decades and I can't tell the purity just by the sound.
I've heard of people who could tell, but even those stories are just legends.
Well? Can you tell?
Not at all.
It can't be helped. It can't be helped.
Forget about the silver and have dinner with me instead.
What an interesting man.
He's a big womanizer.
Did the purity increase? Or decrease?
You've become good at tricking others to answer.
I saw your ears move.
I cannot let my guard down around you.
I was surprised you didn't say anything.
Well, it was my way of thanking you.
Thanking me?
You were jealous earlier, were you not?
It was to thank you for that.
There's no need to be bothered by it.
Males are all jealous idiots. 
And females are idiots who feel happy about such things.
The world is full of idiots.
How were the silver coins?
It was very gradual, but the newer coins sound duller.
Duller? Then the purity is decreasing...
Which means Zheren lied.
It's easy to make a profit if the purity of silver or gold were increasing.
All you have to do is buy up the old coins and exchange them with the new ones.
But if the purity is decreasing,
it's hard to make money even if you know ahead of time...
You could buy them up when their value decreases,
but you'd need starting funds for something like that
and it'd be unlikely to make a profit in half a year...
I have no idea. How does Zheren plan to make a profit from this?
You may have been tricked.
Tricked? You mean he swindled ten silver coins from me?
No. If the value of Trenni silver decreases,
that kid would return the ten silver coins to you.
At worst, he wouldn't make any money.
On the other hand, if the value increases,
he earns ten percent of the profits without risking any money.
Even if he has no gains, he has no losses.
I see what you mean.
Humans are so quick to understand.
I can't believe it. Such an elementary mistake...
It's just...
Is it common for the purity in silver to decrease?
No, normally the purity level of a silver coin
would be maintained with the utmost of care.
We suddenly received information about the purity of a coin at a time like this.
Is this truly a coincidence?
There are times we wolves climb up a tree when hunting prey.
We change our perspective. The forest looks different atop a tree.
I should change my perspective?
Perhaps that kid isn't the true swindler here?
That kid may not need to receive benefit directly from us.
He may have been asked by someone to bring up this deal to others.
I see!
I've figured it out.
The way you can make money with a silver coin that's dropping in value!
It seems you have realized something.
Let's go!
Where?
To the Milone Trading Company!
Next Episode: Romantic Merchant and Moonlit Farewell

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What a grand town!
That's Pazzio.
Could there be a palace here?
This is a town of nobles and merchants. There is no king.
I cannot believe a town of this size is not ruled by a king.
Shouldn't you be hiding your face?
My face?
There may be people from Pasloe in the area.
Isn't there a chance that someone may recognize you?
Oh, is that all?
You were in that village for centuries.
Do they not have legends about you?
They do.
"Holo sometimes takes the form of a human,
with the body of a girl, fifteen summers old.
With long, flowing hair, ears of a wolf,
and a beautiful dark brown coat bar her graceful white-tipped tail."
"In exchange for keeping this form a secret,
she promises the village a bountiful harvest."
They know everything about you!
Hmph.
No one will recognize me.
They have long since forgotten me.
I see.
Hey, you.
They will not recognize me, right?
I certainly hope so.
Well, I'm sure we will be fine.
There is a lot of delicious-looking food here!
What good-looking apples.
Right? Do they not look enticingly delicious?
Yeah, they do.
That reminds me,
an acquaintance of mine once invested in an apple venture.
He put more than half of his total assets into it.
If they turned out like these, he could've easily doubled his money.
I should've done the same.
Y-Yes, that is most unfortunate.
It was a very risky gamble.
I'd rather invest in a freighter ship.
A freighter ship?
Merchants will sometimes pool their money to rent a freighter ship.
The amount and type of cargo depends on how much money they can put up.
What's wrong?
Apples...
I wish to eat some apples.
Oh, so that's what it is!
Here.
Buy as many as you'd like.
Who spends an entire silver coin on apples?
You were the one who said I could buy as many as I wanted.
Make sure you earn your own keep.
You pretended not to notice earlier.
It must be nice to know what others are thinking all the time.
I think I'll have one myself...
Ouch!
Mine!
Hey, I'm the one who paid for them!
I am Holo the Wisewolf! I can make that much money anytime I wish.
Ah, well, do carry on, then.
I'd planned on using that money for lodging tonight!
Apples are the devil's fruit.
Full of irresistibly sweet temptation.
Shouldn't a Wisewolf be able to overcome such temptation?
While one might lose much to avarice, nothing was ever accomplished by abstinence.
We'll be selling the furs at the Milone Company over there.
I believe we passed some larger buildings on our way here.
It is the third largest company here.
However, this is just a branch of a very large company established in a country to the south.
Because of that, they will often purchase items at higher prices
to compete in the local market as outsiders.
On top of that...
"... they are able to collect a lot of information from their various branches"?
As an international company,
they must be quick to pick up on changes in the currency market...
P-Precisely...
I want to investigate the information that Zheren kid gave us.
Welcome to the Milone Company.
There's a lot of people here.
It's almost time for our grand Northern expedition.
The number of wares passing through Ruvinheigen has been overwhelming.
No one wishes to waste a money-making opportunity.
Absolutely right, sir.
So, what business do you have with us today?
I've sold wheat here before, but today I have some furs to sell.
Business is always welcome. Right this way.
Thank you for patronizing our company today.
Mr. Kraft Laurentz, wasn't it?
Lawrence.
I'm honored you still remember my name from three years ago.
No, the honor is mine. Pardon my mistake.
I hear you wish to sell furs?
Yes. I have seventy fine-quality marten furs today.
What fine furs, indeed.
Crops have been bountiful this year, so marten furs have been scarce.
All the farmers must have their hands full this year.
Even so, I managed to collect all these quality furs.
They are more than acceptable.
Then, since you've done business with us before,
how does one hundred thirty-two Trenni silver sound?
Hm, furs of this quality are hard to come by.
I was hoping to further our relationship with this trade...
Our company would love to do so as well.
Taking our future ventures into consideration...
What do you say to a hundred forty, then?
Yes, then let's...
Excuse me.
What is it?
I know nothing about the market. How is the price?
Quite good.
Well, then, do we have an agreement?
One hundred forty Trenni silver?!
Is that what you said?
Uh, yes.
One hundred forty Trenni silver.
I take it you are a merchant of exceptional caliber.
Or might you be merely acting as if you have not noticed?
If so, we cannot easily let our guard down around you.
M-My apologies. Have I perhaps overlooked something?
Master, it is not polite to make sport of people.
Th-That certainly was not my aim.
Then, you can be the one to tell him.
Yes, Master.
Sir, if you would please sample the scent of these furs.
Well?
Is this the scent of fruit?
Indeed. The forests have been overflowing with fruit this year.
These here martens were scampering about the forest,
gorging themselves on delicious fruits such that their bodies exude this sweet aroma.
You're right!
These marten furs are the highest of caliber.
It took two men to pull the hides clear of the bodies, for they are so tough.
Why don't you give it a try?
Harder!
What do you think?
This fur is as strong as the beast it comes from,
and it will keep the wearer warm as a spring day, sheltered from rain from dawn to dusk.
And on top of that, the scent itself!
Just imagine coming across a perfumed piece of clothing
amongst the piles of coats made of normal stinky marten fur.
I am sure you could sell these at an incomparable price.
So.
Tell me, now how much do you think these pelts are worth?
Well, then...
How about two hundred Trenni silver?
What do you say to three each?
In other words, two hundred ten in total.
Master, perhaps we should try elsewhere?
I-I accept! Please let me purchase them for two hundred ten silver!
You heard the man, Master.
Y-Yes.
Nothing beats a cup of wine!
Are you not going to drink? It is my treat.
Have you worked as a merchant before?
Oh, I'm sorry, did I injure your pride?
I simply used a method I once saw used by a sharp-witted merchant that once visited the village.
I did not invent it myself.
But I never noticed.
I'd held them in my hands several times, but I never once smelled fruit.
Well, that was from the apples we bought.
But that means that—
It is his fault for being tricked.
Well, maybe not that far...
But I am sure he will be impressed when he figures it out.
Well, you may have a point.
There's no point in being angry when you are tricked.
A merchant knows to be impressed.
That aside, have you done what you needed to do?
I guess.
They didn't seem to have any knowledge about a country with a newly minted silver coin.
The company didn't seem to be hiding anything, either...
Well, whatever Zheren is really playing at,
I'm fine as long as I come out ahead and profit.
Cheers to our reunion!
This is good stuff!
Dare I say you made quite a profit on those furs!
Yeah.
I'm glad to hear that.
More capital means more profit, after all.
Enough about that.
In exchange for selling me information on the coin due for a purer re-minting,
you are asking for a portion of the profits.
Am I right?
Yes.
And are you sure this rumor can be trusted?
Well, you see...
It's a prediction based on some information I got while in a small mining town.
So, I think it's trustworthy,
but, you know,
there's no guarantees in the world of business.
True that.
I was planning on turning you down if you said it was guaranteed.
I'd be suspicious of such a good deal.
So, what's your share?
Ah, yes, I'd like ten Trenni silver for the information
and ten percent of the profit.
That's pretty conservative.
Well, I hold no responsibility if you end up at a loss.
In exchange for sticking to ten percent,
I was hoping that returning the information fee would be enough to end the deal if you take a loss.
I see.
The settlement date will be three days before next year's spring market.
I believe this'll all happen before the end of this year.
Half a year? Sounds good to me.
Then, I'd like to have a contract made at the public notary tomorrow.
Got it.
To our profits!
To our profits!
A Farum silver!
Wrong. That's a fake Marinne silver.
Is that not this one?
That's a Mitzfing Sacred Birthday Festival silver.
You'll learn to tell them apart with practice.
Let's continue after you've sobered up.
No! Again!
If you say so. Make sure you listen carefully.
Trenni silver, Philing silver, Illaid silver,
Lute silver, fake Marinne silver,
Farum silver, Calvous King Lambardo silver,
Mitzfing Cathedral silver, fake Mitzfing Cathedral silver,
Holy Mitzfing silver,
and Mitzfing Sacred Birthday Festival...
Enough. I shall rest.
A wise choice.
Hmph. Why must there be so many different kinds?
As new kingdoms rise and fall,
their new rulers keep minting new types of coins—as does the Church.
On top of that, counterfeiting never ceases.
Lute silver were originally called fake Trenni silver...
Thanks for the information.
Thank you.
Sir, I hope you make tons of money.
I hope you stay beautiful, Ma'am!
Noisy until the very end...
So, which coin is the one in question?
This one. The Trenni silver.
It's a highly trusted coin in this area.
Trusted?
Yeah. There are hundreds of different currencies,
and the amounts of silver and gold in the coins vary constantly.
The value of a coin is much higher than the precious metals it's made from.
That's why trust is needed to make transactions.
I see.
So, what do you make of it?
I'm not sure, but I have some ideas.
I wish to eat one of those.
So, what did you realize?
If it's about the Trenni, his story may be true.
This is a Philing silver.
It has a high silver content and it's popular in the market.
It could be considered Trenni's rival.
No matter the era, the value of a coin has always depended on the power of its country.
If foreign currencies dominate a country's market,
they'll get trapped economically.
It's no different from losing in a war.
Then, they may be increasing the amount of silver in their coins to defeat their rival.
Yes.
That's why Zheren may not necessarily be lying as you had thought.
Well, I suppose my ears are not impeccable.
What? Did you think I would be upset?
I did.
Well, I might become angry at that!
Where are you going?
The bridge.
An acquaintance of mine is a cambist there.
It's hard to actually tell the purity of a coin accurately.
Even so, the reason currencies fluctuate in popularity
is because people are sensitive to the changes in purity,
and often treat even a minor change as something major.
That's why there's always some kind of indication
when a currency undergoes a big change.
You don't have to remember all that now.
I'll explain everything to you slowly over the next month.
So...
When the mint plans to make a change to the purity of a coin,
they will start small to monitor the market's reaction, right?
Y-Yeah, th-that's about right.
Long time no see, Weiz.
Lawrence!
Nice to meet you. What's your name, miss?
My name is Holo.
Holo. What a nice name!
Hey, now...
How 'bout you come work at my shop? Or maybe be my bride one day?
Cambists work with many currencies, do they not?
I know very little of them.
Not a problem! I'll teach you! We can take our sweet time!
Weiz, I wanted to talk to you about something.
What is it?
I want to see some recently minted Trenni silver.
From older to newer.
Nothing's changed.
Even us cambists, who handle money every day, haven't noticed any changes.
Don't want to melt them down, eh?
Don't be stupid. I can't do that!
Might I see them as well?
Did you notice something?
Be my guest!
Oh, sir, you're such a cad!
Sorry! You're just so beautiful, I can't help it!
Well, now. Let's see.
Now that's impossible.
I've been a cambist for decades and I can't tell the purity just by the sound.
I've heard of people who could, but those stories are just legends.
Well? Can you hear anything?
I cannot tell.
Too bad, too bad.
Now, forget about the coin and join me for dinner!
He was an interesting sort.
He's a big womanizer.
So, how about the coin's purity? Did it increase? Or decrease?
You have gotten quite good at tricking others to answer.
I saw your ears twitch.
I cannot let my guard down.
I was surprised you didn't say anything.
Well, you can call it compensation.
Compensation?
You were a bit jealous earlier, were you not?
It was to thank you for that.
There's no need to be bothered by it.
All males burn with foolish jealousy.
And females are foolish to take delight in it.
The world is full of fools.
How were the coins?
It was very minute, but the newer coins sounded duller.
Duller? Then the purity is decreasing...
Which would mean that Zheren is lying.
It's easy to make a profit if the purity is increasing.
You just have to buy up the old coins and exchange them for the new ones.
But if the purity is decreasing,
it's hard to make money even if you know ahead of time...
You could buy them up when their value decreases,
but you'd need upfront capital for that,
and it'd be unlikely to profit in half a year...
I have no idea. How does Zheren plan to make a profit from this?
You have been taken, my friend!
Taken? You mean he swindled ten Trenni from me?
No. If the value of Trenni silver decreases,
he would return the ten to you.
At worst, he breaks even.
However, if the value increases,
he earns ten percent of the profit, without any risk.
Even if he gains nothing, he loses nothing.
I see what you mean.
Humans are so quick to understand.
I can't believe it. Such an elementary mistake...
It's just...
Is it common for coin purity to decrease?
No, normally the purity of a silver coin would be maintained to the highest degree.
And yet, out of nowhere comes a deal hinging on the purity of coins.
What a coincidence.
When hunting prey, sometimes I will climb a tree.
The forest looks different from on high. It's a change in perspective.
I should change my perspective?
What if that kid isn't the true swindler here?
After all, his own gains don't have to come directly from his partner.
Perhaps he was simply hired by somebody else to go around offering these weird contracts.
Aha!
I've figured it out.
How to make money by buying a depreciating coin!
It seems you have realized something.
Let's go!
Where?
To the Milone Company!
Next Episode: "Dreamy Merchant and Moonlit Farewell"

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