Note: SPOILERS BELOW! This review is written entirely around, and from the perspective of someone who has seen only the first season at the time of writing.

My relationship with Spice and Wolf begins, not at all to my surprise, with its music. Even to this day, I’d say that Tabi no Tochuu is arguably one of the greatest anime openings of all time. Why? I’ve listened to this song for years, with absolutely no idea about the show, the characters, the plot, or the themes, and yet its effect remains profound. It evokes a sense of a journey, a longing for things departed, and a sensation of wonder with the world that moves from the present to the future. I see, in a pointed sense, a Kanon in the song that draws its listeners on the same well-trodden path into the sunset. Now at risk of this review becoming a song review, I can say that this show has absolutely lived up to my expectations of its opening, but brings with it so much more.

I’ll turn first to the most obvious and self-writing part of the review: the economics. My fellow reviewers and the internet in general have discussed this theme to death, so I’ll try to keep it brief. This show revolves around the concept of buying, selling and trading in a medieval society. Sound extremely boring? I thought so at first, but it wasn’t until I got a bit deeper into the show that I began to realize just how brilliant this topic really is. For Kraft Lawrence, the male lead, and so many of his other fellow merchants, the economy of the world is his life. Let’s be clear here – Spice and Wolf isn’t one of those anime where one character’s single heroic action can either save or destroy the entire country, world, or even universe. It is quite literally about a medieval peddler attempting to make enough money to build a shop some day, using the combined knowledge of him and his traveling partner to make their goals come true. This show is about making money, and while I’m no business student I found the topics of inflation, sunk cost, and investment (among many others) to be very stimulating, even for a non-expert. It’s one of the show’s main charms for me – watching it once for the content, and thinking back to it twice or more to really understand it.

I’ve mentioned his name, but I think now’s the time to talk about the male lead next. Now I’ve got nothing against Holo, but I actually think that Lawrence is slept-on as a character and I definetely found him the more interesting of the two. More than anything, I found his character simply refreshing. I haven’t seen a ton of anime compared to others, but of the ones I have seen most of the male characters are high-schoolers dealing with modern problems. Lawrence is a full-grown man dealing with medieval problems, and exhibits realistic goals and expectations. Lawrence shows both the experience of a man well-versed in trading but the ability to learn from someone very much outside of his field. Basically – I like Lawrence’s character, not because he’s intrinsically inspiring but because he exhibits a maturity absent in so many other male protagonists. I also appreciate how the narration doesn’t always jump into his head, leading us to guess and theorize on his thoughts and motives.

I alluded to the concept of a journey earlier in this review, and I think that’s it’s time to return to it now. It’s difficult for me to sum up the plot of Spice and Wolf as anything besides this concept. At first glance, it’s easy to question this. If Holo’s goal is to visit her homeland, why are they making so many stops along the way? Why aren’t we seeing the protagonists whip out maps every point to track their progress to the North, tallying off how many miles they’ve traveled and how many are left? Indeed, it almost seems that the destination is constantly pushed to the side so more immediate topics like silver purity, apple eating and armor deflation can be brought to the forefront. And I actually think that’s the very point of the show – as trite as it sounds, the goal is the journey, at not the destination. For me, the fun of watching shows come primarily in seeing how characters are developed, and I feel like a fast-paced rush to the north would undermine this goal. Furthermore, a sprint to the finish isn’t realistic, particularly in a medieval world, and detracts from the characterization shown during the process.

But this show isn’t only about making money. I’m also immensely interested in how well it integrated themes such as the role of religion, superstition and power control in an agrarian society. At least in this season, Chloe isn’t exactly a major character, but she’s perhaps one of the best, displaying a criticism of old superstitions that threaten her relationship with her former mentor. Chloe’s relationship with Lawrence is actually nuanced, rather than being merely romantic, and her aversion to Holo blends together both a fear of the old gods and concern that her business partner is being whisked away before her eyes. This relationship is made even more complex when considering her role with the church, which itself exerts massive control over the region – control that is not only religious but also economic. Even after Chloe’s arc (hallway through the season) ends, the role of the church’s influence and Lawrence’s concern with Holo’s true identity becoming known becomes if anything, even more important. She exemplifies one of the major aspects that I love so much about this series: even without a lot of screen-time or lines, Chloe undergoes meaningful character development that do much to further the parallel development of the protagonists and antagonists.

Other supporting aspects are interesting as well. The tenuous relationship between the Milone and Medio Trading Companies serve an interesting look into the socioeconomic ladders that comprise society, as well as the topic of farce and front. This is particularly evident during the anime’s second arc, where the debt that Lawrence owes to the Lemerio Trading Company threatens to enslave him, and his relationship with Holo threatens to ostracize him from society in general. I mentioned farce and front beforehand, and I’d like to get a bit deeper into that now. Constantly, when watching this show, I had my expectations subverted. For example, the fact that Lawrence was lied to by Zheren during the coin trading arc was not surprising to me, but the fact that he actually ended up with both major losses and major gains was indeed. The fact that the Lemerio Company seemed so threatening but only because they themselves were in such economic danger also really shocked me, as was their knowing betrayal at the end, and again with Lawrence’s desire to save the company. Honestly, I don’t know why this show constantly surprised me (and maybe just because I watch too many slice of lifes), but it did, and I loved it.

So, I’ve discussed the music, some of the themes, and raved a bit about Lawrence and interesting supporting characters. Let’s turn next to my favorite part of the series – the dynamic between Lawrence and Holo. I think that their relationship, and specifically their conversations, turn this anime from a good one into a great one. First of all, I appreciate that they seem to exhibit a sense of implicit respect for each other – while Holo may think and even call Lawrence an idiot, it’s prevalent that she respects his ideas and opinions. Yes, she’s somewhat hardheaded – even vain, with her constant mentions about her wisdom – but it’s not for bad reason. Moreover, I’d say that the two very much learn from each other on their journey, in more ways than I care to mention here. It’s here that we learn that Lawrence’s interests are not purely selfish or even economic – his refusal to give over Holo to the church is a good example of this. The opposite is also true – Holo, despite her inherit mistrust of the shepherd Nora, accepts to work with her on behalf of Lawrence. Mostly, I really love how the relationship between the two main characters is not contingent on romance. Sure, it’s obvious that the two have feelings for each other, but the stereotypical romantic traits are limited to jealousy, loyalty and the fear of separation. Their relationship is contractual, and again, I love it.

Wow, I’ve gone on quite a bit, so I’ll go quickly by a few necessary points. The art is good – maybe not amazing, but consistent and generally pleasing to watch. I love the focus on browns and greens to reflect the importance of the agrarian society, and Holo’s apparent love for colorful clothes and food. I’m not going to talk about the opening any more, but the rest of the score is also definitely good and I’ve got no trouble with it. I will comment briefly on the ending – man, I know this song is kind of polarizing, but I kind of hate it. It’s not just the English. The ending seems to be such a far departure from the masterpiece opening and has a strange pseudo-cheery vibe that hardly fits in with the frequent serious theme that the show encounters. Again, hard to complain in light of the opening, but I’m still disappointed.

I’ve managed to restrain the length of this review, and I’m fairly sure that I’ll have quite a bit more to say as soon as I watch the second season. Spice and Wolf has an incredible opening, highly interesting characters, and focuses on unique themes that I haven’t seen in other shows. The characterization is poignant and the arcs are engaging and surprising. It’s not hard for me to recommend this show outside of the boat-load of nudity in the first two episodes (almost made me drop the show, thank goodness I didn’t) and the questionable ED. I’m excited for what the franchise has in store for me next.