Welcome to the weekly review of Spice and Wolf (2024). Here, we’ll recap what happened in the latest episode, break down some of the economic talk, and discuss the differences between the anime, manga, and light novel. So, let’s get up to speed with a joint Spice and Wolf review of episodes 1 through 3.
Episode 1: "The Harvest Festival and the Crowded Driver’s Box"
The first episode of Spice and Wolf starts with two women talking as snow falls outside. The one we can assume to be Holo tells a story about a far off village and a certain traveling merchant. Lawrence is passing through Pasloe and wants to reconnect with his friend, Yarei. But he arrives in the middle of the harvest festival and Yarei just happens to be crowned “Holo” and, per tradition, is locked in a granary until the celebration ends. Lawrence makes camp for the night outside the village and discovers a young woman sleeping in his cart. She introduces herself as Holo the wise wolf, local harvest deity of Pasloe.
After some light teasing and a frightful transformation, Lawrence returns to the village to find Yarei had snuck out. The two share a meal and celebrate the town’s prosperity. Later that night, Holo appears to Lawrence again, expressing her desire to return north to her birthplace. Lawrence, assured that her absence would not affect the villagers, agrees to take her, and the two set out the next morning.
In Episode 1, the village head of Pasloe shows off the village’s abundant stock of silver coins. The village head thanks Lawrence for his previous assistance. In the past, the taxes on the people had been exorbitantly high. This forced them to raise the price of their exports, namely wheat. Few merchants were willing to pay the higher prices. Then along came Lawrence, a new face with little to his name. He was able to buy up the Pasloe wheat and Yarei served as the price negotiator.
Episode 2: "Mischievous Wolf and No Laughing Matter"
When Holo warns Lawrence about a sudden downpour, the two take shelter at a nearby church. There, Lawrence makes a connection with a wealthy vintner (wine seller), displaying his natural charisma. Afterwards, Lawrence and Holo are approached by another merchant named Zheren who offers a unique business venture. The duo return to their room, food and drink in hand, to discuss whether or not Zheren can be trusted. Holo states, “What is important is not the lie, but the reason behind the lie.” Lawrence decides to play along to uncover what Zheren’s true motive is. After some morning discussion about the Church and parting ways with Zheren, the duo set out. They have a tense discussion where both Lawrence and Holo bear deep scars they hold on account of wolves and the unforgiving nature of nature.
In Episode 2 of Spice and Wolf, Lawrence describes to the vintner an exchange rate transaction. Lawrence had sold wheat to a certain trade company in one town, but received no money payment. Instead, he uses that credit to purchase salt from the same company but in a different town, and again no money was exchanged. Essentially, the salt he purchased had already been paid for by the wheat he sold. In this setting, the comparable value of raw materials could be measured more reliably than the value of minted money, especially when different regions use different currencies. Through an exchange rate transaction, Lawrence ensured he’d have stock to sell or trade without being burdened by money that may fluctuate in value from one town to the next.
The proposal Zheren pitches to Lawrence is as follows: a certain silver coin is about to be replaced by another coin with higher silver content. The face value of the two coins will be the same. When exchanging currency with other regions, the new coin will be worth much more since it contains more silver. Its actual worth has increased. So, if one were to collect a lot of the old coin and exchange it in bulk for the new coin, they could make a profit from the difference. For a more modern explanation, I recommend this article from providentmetals.com and this one from economictimes.com.
Episode 3: "Port Town and Sweet Temptation"
Lawrence and Holo arrive at the port town of Pazzio. This is where they had agreed to meet Zheren and finalize their contract. This is also where Lawrence hopes to discern if Zheren’s claims are true. After Holo gorges herself on apples they make their way to the Milone Trading Company to sell the furs. In an inspired display of merchant craftiness, Holo helps Lawrence come away with a considerably larger profit. Then they meet with Zheren, exchange information and terms, and notarize the agreement.
According to Zheren, the silver trenni coin will see an increase in silver content. To substantiate this claim, Lawrence visits another contact, a cambist named Weiz, who says there hasn’t been a shift in the silver trenni. But a wolf’s ears are keen, and Holo picks up on the truth; the silver trenni has actually fallen in silver percentage. Armed with that knowledge and a new perspective on Zheren’s scheme, Lawrence makes for Milone Trading once again.
Episode 3 has a lot of talk about money, trust, and value. To boil down the finer points, a coin is a reflection of the governing body’s wealth and the trust people place in said body. When people trust that a coin is stable, that its value will not fluctuate, they are more likely to circulate it. The more it’s circulated, the more valuable the coin becomes. As such, if the silver trenni coin increases its silver content, it’s a sign that people’s trust is at a high and the governing body is maintaining its influence.
However, if the silver trenni coin decreases its silver content, it could mean any number of things, such as the governing body attempting to circulate more coins of less actual value at the same face value. This will be further explored as the arc progresses, but if you’d like to learn more, I’d suggest looking up “debasement of coinage,” and this article from usmint.gov. Also, compare some old mint pennies to new mint pennies. You may discover something interesting.
Spice and Wolf (2024) Review and Thoughts
Overall, Spice and Wolf (2024) has been an enjoyable series. The animation feels softer compared to other anime. The backgrounds have a slight watercolor effect and the colors feel artistically muted. It makes the scenes feel like illustrations in a storybook. The music has embraced the medieval aesthetic and mixes in folksy vocals, balancing whimsy with emotion. I must admit, though, I think the 2008 version had a stronger identity. I am speaking with some bias, but I feel the facial expressions and movement had more charm in the 2008 version and the music was arranged better. That said, if you’ve never seen anything related to Spice and Wolf, the 2024 version is a great introduction.
I mentioned in my Spice and Wolf (2008) review that I think the 2024 version is going to become a definitive version of the story, blending elements from the light novels, manga, and 2008 version. Here’s why:
To start, the first scene of Episode 1 is not in the light novels. It’s something the 2024 version added to create a narrative throughline, and by framing it as a memory that Holo is retelling, it creates the expectation that the story will reach an ending. If you know how the series ends, you know what I mean.
Next, the character designs are slightly different, at least for the supporting cast. The 2024 version has opted to design some characters on their own without taking inspiration from the manga or the 2008 version. For example, the vintner from Episode 2 looks different in the manga, 2008 version, and 2024 version.
Then comes the inclusion of Yarei. While he is present in the light novels and manga, the dinner scene with Yarei in Episode 1 is not. In fact, Lawrence’s decision to return to the village after meeting Holo for the first time is something the 2008 version added because in that version, Yarei was replaced by Chloe (you can actually see her for just a moment in the 2024 version). Ultimately, Chloe fulfilled the same narrative beats as Yarei with the added twist of having unrequited feelings for Lawrence. The 2008 version made this change because it decided to frame most of the conflicts around Lawrence and Holo’s relationship, choosing to omit/include certain arcs to facilitate the drama. I suspect the 2024 version won’t follow suit, but we won’t know for sure until we reach future arcs.
I’m really looking forward to seeing how Spice and Wolf (2024) plays out. Follow along for a Spice and Wolf review each week. The series is available to stream on Crunchyroll.
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