On this date in 1637, Tulip mania collapsed in the United Provinces (now the Netherlands) as sellers could no longer find buyers for their bulb contracts.
What was tulip mania, you ask?
Tulip mania was a period in the Dutch Golden Age during which contract prices for bulbs of the recently introduced tulip reached extraordinarily high levels and then suddenly collapsed. At the peak of tulip mania, in February 1637, some single tulip bulbs sold for more than 10 times the annual income of a skilled craftsman. It is generally considered the first recorded speculative bubble.