A giant is seated at the roots of a massive ash tree. The giant is Mimir and the ash is the World Tree, Yggdrasil. Two ravens look down from its branches on the giant who is drinking water from a well at its base. The water from the well gives the giant great wisdom. The ravens fly to the throne of Odin in the great hall of Valhalla and tell him what they have seen. He listens and nods.
A mysterious figure in a hat and cloak with a long beard approaches Mimir who is still seated next to his magical well. He asks the giant for a drink of water, “Let me drink from your well friend for I am thirsty from travelling.”
The giant rightly guesses that the stranger is Odin. He replies, “The water from this well is precious and bears the gift of great knowledge, what will you give me in return Allfather?” Odin is impatient to drink from the well and replies, “I will give you any gift that you ask.” The giant laughs loudly and gives his answer, “The price that I ask of you is that you leave one of your far-seeing eyes in the bottom of my well. When I drink from the well I shall know all that takes place in the realms of men and gods.”
Eager for knowledge Odin agrees to the price saying, “I pledge my eye for a drink from the horn.”Mimir hands him the horn saying, “Drink then and become wise.” Odin drinks deeply and instantly gains ultimate wisdom. Wiping his mouth on his sleeve he turns to the well and plucks out one of his eyes and cast it inside. It sinks to the bottom but shines with an unearthly fire from its dim depths.