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Humor in Shakespeare’s time was very vulgar and not really considered very funny by modern standards at all. The scene with Launcelot and Old Gobbo where Launcelot is pretending to be someone else would of been considered humorous as would the whole affair with the rings when they are given away by the husbands to be when they promised their fiancées they would keep them forever as a symbol of their love of one another. The whole Shylock losing everything after wanting his "pound of flesh" might have been seen as ironically humorous.