Upon the return of the first major successful English expedition from the Indies, the cargo of pepper, to everyone’s surprise, remained largely unsold. The price began to drop dramatically from 8 shillings a pound to 1 shilling a pound, and even at this eight-fold lower price, it remained unsold for several years. Such sudden crises would recur in London, Lisbon, and Amsterdam. The reason was obviously oversupply. By the mid-17th century, the price in London had fallen to 7 pence a pound (12 pence = 1 shilling). Pepper consumption had become widespread, and its trade no longer had the high added value it once had.
