The International Tin Agreement (ITA), one of the world’s oldest commodity pacts, ran out of money and discontinued its market support operations on October 24, 1985. Subsequent disclosures revealed that the organization not only had exhausted its cash reserves but also had borrowed over £900 million in an unsuccessful effort to support the price of tin. Member governments of the ITA failed to approve additional contributions to repay these loans, leaving banks and commodity brokers to absorb massive losses. The market price of tin plummeted to half its previous level. The collapse came as an unexpected shock, for the ITA had been widely viewed as the world’s most successful commodity pact. International agreements operating almost continuously during the past 50 years, including the ITA and its precursors, have been credited with successfully reducing fluctuations in the naturally volatile price of tin. The collapse now makes the whole future of tin regulation uncertain. In addition, the failure of tin sounds a warning for other commodity pacts, which are equally susceptible to the underlying weaknesses to which tin fell prey.