Serilda is an 18-year-old miller's daughter marked by Wyrdith, the god of lies, with golden-wheeled eyes. Her unusual appearance and habit of spinning elaborate tales cause the villagers of Märchenfeld to shun her as a bad omen. Despite her social isolation, she possesses a fierce instinct to protect others, a trait that leads her to lie to the cruel Erlking to save two hunted moss maidens. This desperation inadvertently traps her in a deadly bargain where she must spin straw into gold.

Gild is a copper-haired boy who resides in Adalheid Castle, referring to himself as the resident poltergeist. He wears simple clothes and possesses a wild, tangled appearance, contrasting with the grim ghosts that populate the fortress. Although he has the miraculous ability to spin straw into gold, his magic operates on strict transactional rules and requires payment. He suffers from intense loneliness, making Serilda's arrival a profound disruption to his isolated existence.

The Erlking is the terrifying, ice-eyed ruler of the dark ones and the master of the Wild Hunt. He possesses an ethereal, polished beauty that thoroughly masks a cold and sadistic nature. He hunts magical creatures for sport and captures mortals to serve in his ghostly court, treating living beings as entirely disposable. When Serilda claims she can spin straw into gold, he views her as a valuable tool for his larger, sinister ambitions.

Serilda's father, Goodman Moller, is a hardworking and constantly anxious miller in Märchenfeld. Nineteen years ago, he saved a wounded god and wished for a family, an act that resulted in his daughter's cursed eyes and his wife's eventual disappearance. He loves Serilda fiercely but is terrified by her storytelling, fearing it will draw the deadly attention of the supernatural world.

Manfred is a ghostly coachman bound in servitude to the Erlking's court. He bears a gruesome, permanent injury in the form of an iron chisel lodged in his left eye socket. Forced to serve for centuries, he carries out his master's commands with weary, surly indifference, though he occasionally offers Serilda grim warnings about the reality of her situation.

Madam Sauer is the strict, practical schoolmistress in Märchenfeld. She runs her classroom with rigid discipline and heavily disapproves of Serilda's fantastical stories, viewing them as a dangerous influence on the children. She frequently threatens punishment to enforce honesty and humility among her students.

Parsley is a moss maiden from the Aschen Wood, characterized by her pointed ears, large black eyes, and garments made of fur and lichen. Hunted for sport by the Erlking, she relies on Serilda's quick thinking to survive the night. Bound by the magical laws of reciprocity, she insists on repaying her debt to the mortal girl.

Meadowsweet is a moss maiden who barely escapes the terrifying Wild Hunt with Serilda's help. Like her companion, she operates on ancient magic that requires all debts to be settled, leading her to bestow a valuable gold locket upon Serilda before disappearing back into the forest.

Pusch-Grohla, also known as Shrub Grandmother, is the ancient and powerful leader of the moss maidens living in the hidden sanctuary of Asyltal. She represents the ancient, natural magic of the Aschen Wood and stands in stark ideological opposition to the Erlking's unnatural tyranny.

Lorraine is the pragmatic and watchful proprietor of the Wild Swan Inn. She operates her business in the shadow of the haunted castle and understands the dangerous realities of living so close to the Erlking's domain. She treats Serilda with a mixture of suspicion and hospitality.

Leyna is Lorraine's daughter, a curious and friendly girl living in Adalheid. Unlike the fearful adults in town, she is fascinated by Serilda and eager to hear her stories. She provides Serilda with valuable local lore, including rumors about the mysterious Gilded Ghost who leaves treasures for the town.

Frieda is the dedicated town librarian of Adalheid. She is highly knowledgeable about the region's recorded history but completely unaware of the magical erasure that has wiped the castle's true past from her books. She is easily flustered, particularly around Lorraine.

Thomas is a local young man hired to help Goodman Moller with the heavy labor at the gristmill. He takes the job to earn enough money to propose to another village girl, unknowingly breaking Serilda's quiet, long-standing crush on him.

Hans is one of the five schoolchildren in Märchenfeld who adore Serilda. He represents the innocence of the village, completely rejecting the adults' superstitious fears about Serilda's golden eyes. He views her narrative abilities as a magical gift rather than a dangerous lie.

Gerdrut is the youngest of Serilda's devoted students in Märchenfeld. Sweet and perceptive, she is the first to compare Serilda's beautiful storytelling to the act of spinning straw into gold, unwittingly providing the metaphor that will shape Serilda's fate.