But it was not to last. According to Mackay, once ordinary people bought tulips to sell for profit and not for planting in rich people’s gardens, the price was bound to drop as the foolishness of it all became apparent. In late 1636, prices peaked and fell sharply. Sellers panicked and sold at any price, buyers defaulted on their futures contracts and the easy credit that buyers could count on to fund their purchases dried up. Those who got out early ended up quietly rich, but many who believed themselves instantly rich were ruined. Mackay says commerce “suffered a severe shock,” and took many years to recover.