Miguel is a Portuguese Jewish trader living in 17th-century Amsterdam who recently suffered devastating financial losses in the sugar market. After living secretly as a Jew under the Inquisition in Lisbon, he resents the strict, authoritarian rules imposed by the Ma’amad, the city's ruling Jewish council. He relies on his natural talent for making deals and spotting opportunities to recover his fortune. Now lodging in his younger brother's cellar, he takes a risk on a completely unknown commodity market.

Alonzo is an excommunicated Portuguese Jew who operates outside the official community in Amsterdam as a moneylender. The Ma’amad banished him permanently for brokering deals with poorer Eastern European Jews, cutting off his social and religious ties. He relies on a carefully cultivated reputation for violence to collect debts from unsavory Dutchmen. He maintains a secretive network of informants to stay involved in the city's commercial life.

Geertruid is a confident Dutch widow in her mid-thirties who introduces Miguel to the commercial potential of coffee berries. She freely socializes in local taverns, drinks, and ignores traditional restrictions on women. In matters of business, she operates seriously and recognizes that Miguel has the exchange expertise necessary to build a new market. She keeps her personal background a strict secret.

Hannah is Daniel's pregnant wife, a young woman raised Catholic in Portugal who only discovered her Jewish ancestry right before her arranged marriage. Now living in Amsterdam as a traditional Jewish housewife, she feels stifled by the rigid customs and the prohibition against women learning to read. She harbors a deep loneliness and finds herself increasingly drawn to the exotic comfort of coffee berries.

Solomon is a wealthy merchant, a devout Jew, and a powerful member of the Ma’amad ruling council. He wields immense authority within the community and enforces strict religious laws with harsh punishments. He carries a melancholy demeanor and a long-standing grudge against Miguel following a broken engagement to his daughter.

Daniel is Miguel's younger brother, a thin man who strictly follows the rules of the Ma’amad primarily for social status and business connections. He adheres closely to traditional Sephardic Jewish customs regarding household structure and women's roles, demanding total obedience from his wife. He provides lodging for his older, penniless brother despite a lifelong lack of affection between them.

Annetje is Hannah's Dutch servant girl who appears sweet-tempered but harbors an opportunistic streak. She takes advantage of Hannah's isolation by convincing her to secretly attend Catholic Mass. This shared secret gives Annetje dangerous leverage in the household. She uses her keen observational skills to monitor the family's private tensions.

Joachim is a Dutchman reduced to poverty after losing his fortune in the sugar market based on Miguel's advice. Dressed in torn, baggy breeches, he stalks the commercial districts seeking restitution from the man he blames for his ruin. He harbors intense anger toward Miguel and issues persistent threats.

Hendrick is a muscular, blond Dutchman in his early twenties who acts as Geertruid's constant companion and protector. He remains quiet during business negotiations but is quick to defend Geertruid physically if necessary. He operates closely in the background of her tavern meetings and daily errands.

Isaiah is a successful, bulky trader nearing thirty with valuable contacts in the Dutch East India Company. He is a nervous man who struggles to enjoy his commercial success. He tries to warn his friend Miguel away from dangerous ventures and from crossing powerful enemies within the ruling council.

Clara is Joachim's wife, a woman who has fallen from economic security into dire poverty following her husband's market losses. She dresses in stained clothing but attempts to maintain some dignity with a single clean cap while working on the streets.

Ricardo is a wealthy Jewish broker who acts as an intermediary for powerful, anonymous clients. He lives in a lavish, art-filled home and associates exclusively with the most prominent members of Amsterdam's Jewish community, viewing poorer traders with disdain.