Then Odin produced the ring and covered the hair with it, and said that they now had paid the otter-ransom. But when Odin had taken his spear, and Loke his shoes, so that they had nothing more to fear, Loke said that the curse of the dwarf Andvare should be fulfilled, and that this gold and this ring should be the bane of him who possessed it. From this myth it is that gold is poetically called otter-ransom. And the curse was fulfilled. This curse of ill-gotten gold became the root of a series of mortal calamities, which are related in the latter part of the Elder Edda, in the songs about Sigurd Fafner’s bane, or the Slayer of Fafner; about Brynhild, about Gudrun’s sorrow, Gudrun’s revenge, in the song about Atle, etc. The curse on the gold, pronounced upon it by Andvare, the dwarf, is the grand moral in these wonderful songs, and never was moral worked out more terribly. Even Shakespeare has no tragedy equal to it. When Odin and Loke had gone away, Fafner and Regin demanded from their father, Hreidmar, a share of the ransom in the name of their brother Odder; but Hreidmar refused, so Fafner pierced his father with a sword while he slept. Thus Hreidmar died, but Fafner took all the gold. Then Regin demanded his paternal inheritance, but Fafner refused to give it, and disappeared. Another prominent character in the Edda is Sigurd, who frequently visited Regin and told him that Fafner, having assumed the shape of a monstrous dragon, lay on Gnita Heath, and had Æger’s helmet, the helmet of terror, before which all living trembled. Regin made a sword for Sigurd, which was called Gram; it was so sharp that when it stood in the river and a tuft of wool floated on the current, the sword would cut the wool as easily as the water. With this sword Sigurd cut Regin’s anvil in twain. Regin excites Sigurd to kill Fafner, and accordingly Sigurd and Regin proceeded on their way to Gnita Heath, and discovered Fafner’s path, whereupon the latter (Fafner) crept into the water. In the way Sigurd dug a large grave and went down into it. When Fafner now crept away from the gold he spit poison, but this flew over Sigurd’s head, and as Fafner passed over the grave Sigurd pierced him with his sword to the heart. Fafner trembled convulsively, and fiercely shook his head and tail. Sigurd sprang out of the grave when they saw each other. Then a conversation takes place between them, in which Fafner heaps curses upon Sigurd until the former expires. Regin had gone away while Sigurd killed Fafner, but came back while Sigurd was wiping the blood off the sword. REGIN: Hail to thee now, Sigurd! Now thou best victory won And Fafner slain. Among all men who tread the earth Most fearless I proclaim thee to be born. SIGURD: