Today in History: Tulip Mania

On this day (February 3) in 1637, Tulip Mania came to an end in the United Provinces (the modern day Netherlands). Tulip Mania is often described as the first stock bubble as the United Provinces began to speculate on tulip bulbs. Outrageous prices began to be paid. Single bulbs sold for 10 times the annual wages of a skilled craftsman. A 12 acre farm was traded for a rare bulb. The people of the United Provinces got caught up in the madness. Everyone was growing and trying to breed a rare bulb that would be worth an instant fortune. When sanity returned, the prices collapsed over night and investors were left with suddenly worthless flowers.