# Middle Earth Economy



## EdBurke (Dec 16, 2009)

Hi,

Just wondering how the economic structure of Middle Earth may have been developed. From what I gather, Tolkien created an entirely self sustainable world, and trade is all but invisible. I know the dwarves would have close links with the men of Dale, and Rohan with gondor, but there is little mention of small towns in the books (Presumably in any trading society, small market towns would emerge) And what is the purpose of currency? The self sustainable Shire seems to have it, but all it was ever spent on was food and drink at the pub. Where did they get the currency? There is no mention of the mint! And outside the shire currency is never mentioned except in Bree, where the hobbits pay for a pony...


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## Astrance (Dec 16, 2009)

I should say the Hobbits imported the silver & gold for their money from the Dwarves.

Barter economy seems to hold a fairly important place in Middle Earth economy. I'm not sure the Elves use money, though we see them exchange objects. However, they probably used it when dealing with Dwarves and Men.

The Dwarves knew money — I'm pretty sure it's mentioned several times in the Hobbit and the Unfinished Tales. Besides, there's this watercolour of Smaug Tolkien drew :







If that's something else than a huuuuge pile of coins, then I don't know what it is


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## Turgon (Dec 16, 2009)

Money is also mentioned in Saruman's dealings with the Hobbits of the Shire. He sent a lot of money up to the Shire when he was buying goods (pipeweed for example) and extending his influence - and this had a corrupting influence on some Hobbit families. This makes me think, personally, that money was secondary in the hobbit economy with Barter holding the primary place. I think the family mentioned as being corrupted was the Bracegirdles - not one of the big hobbit families. I suppose the more established families like the Tooks and Brandybucks where rich and land and holdings rather than coin. Making the Bracegirdles would be social climbers? 

Of course it's hard to think of any town or village that has institutions like Inns not using a monetary system, as I find it hard to envision somebody bartering a pint in the Green Dragon for a couple of Gaffer Gamgee's finest taters.

I would agree with you on Smaug's hoard too Stockholm, the same applies to Bilbo's troll gold. I always presumed that most mentions of 'Gold' and 'Silver' in Tolkien refers to coinage rather than ingots and the like. The two chests Bilbo brings back from Erebor for instance. I find it easier to imagine that something like the Rathloriel where the Treasure of Doriath ended up was given its name due to the vast quantity of gold coin that lay on the riverbed, rather than say, unwrought gold or miscellaneous golden trinkets - though most likely a mixture of the lot.


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## Aernil (Jan 7, 2010)

As for the Hobbit currency, the most logical orgin of its use would be the time the Shire was a part of the Dunadan kingdoms.


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## Mike (Jan 7, 2010)

Didn't the Hobbits use silver pennies in Bree? In such case, we've found the primary currency in Eriador.


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## tombombadil599 (Sep 7, 2022)

So I have found myself (yet again) mining through the internet like a dwarf to a stone for any nuggets of information pertaining to the economy of Middle-earth, and more specifically, how each individual race uses or views their currencies. In my journey I came across this article which I will post below, it goes into some detail about each races individual trading status and mentalities of their own economies. Thought I'd open the floor up to my fellow Tolkienites to see what you think of this and how the Rings of Power could impact this? (Fun fact, this forum was actually cited in the article!!!)






LORD OF THE COINS | Everything Money in Middle-earth | Travel Money Oz


Tolkien fan? Step on through... As you might have heard, Amazon Prime is releasing the new Lord of the Rings series The Rings of Power on September 2nd, 2022. Set in the Second Age of Tolkien’s mythopoeic universe, this series is a prequel about how the One Ring was created, taking place a...




www.travelmoneyoz.com


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## Ent (Sep 7, 2022)

Thanks for this article. Informative, and well written..!


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## Squint-eyed Southerner (Sep 7, 2022)

Thanks, and welcome to the forum, tombombadil599! 🙂

Here's a recent thread you should find of interest:








Coinage of The Shire


If it's interesting to the denizens here, I might offer a bit of back-story to my own journey into the realms of Tolkien tactile artifacts. It begins of course with Gandalf arriving for Bilbo's party in the first chapter of THE FELLOWSHIP OF THE RING: A Long Expected Party...




www.thetolkienforum.com


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## Halasían (Sep 7, 2022)

tombombadil599 said:


> So I have found myself (yet again) mining through the internet like a dwarf to a stone for any nuggets of information pertaining to the economy of Middle-earth, and more specifically, how each individual race uses or views their currencies. In my journey I came across this article which I will post below, it goes into some detail about each races individual trading status and mentalities of their own economies. Thought I'd open the floor up to my fellow Tolkienites to see what you think of this and how the Rings of Power could impact this? (Fun fact, this forum was actually cited in the article!!!)
> 
> 
> 
> ...


Interesting! Thanks for sharing.
@Will Whitfoot ... Minter of Coins ... Thoughts?


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## Will Whitfoot (Sep 8, 2022)

Halasían said:


> Interesting! Thanks for sharing.
> @Will Whitfoot ... Minter of Coins ... Thoughts?


Ah, an interesting article. But the only things they call "Hobbit Coins" are the New Zealand gold coins with pictures of movie characters on them, so not anything Hobbits themselves would ever use. So in the "mining through the internet like a dwarf" they either failed to find Shire Post Mint, or else purposely avoided us to promote New Zealand. It's true that Tolkien himself touched coinage only slightly. There were the "pennies" that Bilbo gave to children on his doorstep as Gandalf arrives (NOT fireworks as in the film!) And, of course, the twelve silver pennies Frodo paid for Bill the Pony in Bree, (a scene which was unfortunately left out of the film adaptation). So in our licensed coins from The Hobbit and The Lord of The Rings we had to become somewhat creative and do some worldbuilding while hewing closely to every scrap of detail we can find in the appendices.

For Hobbits of The Shire.... the Dwarf mines of the Blue Mountains are only 35 miles, or a couple days ride on the old North Road from the Northfarthing bounds. Metals and metalworking tools would be easily acquired by trade from the Dwarves. Not just pipeweed of course, but all manner of consumables, from grain to fruit and beer to livestock. In our version of events, the Mayoralty at Michel Delving acquires its first screw press in early SR1402, shortly after Bilbo leaves The Shire. Before that time, coins of various realms would have circulated throughout The Shire, but with the issues of 1402 and beyond, the coinage became standardized. By tradition, all Shire coins have an image of a tree upon the obverse side. (Some scholars believe that this is a remnant of the tradition of the Two Trees of Valinor) Various trees are depicted. The reverse side shows some type of stylized depiction of the four-farthings. There are over 40 variants known to exist in several denominations. The most common denominations are the 1/4 penny or "farthing", the 1/2 penny or "haypenny", the penny, the tuppence, three pence and sixpence, then the Shilling or "silver penny". Larger denominations exist but are rarely seen in circulation. Inscriptions are in the elvish Tengwar script, and the local Kuduk language.

For Dwarves of the Blue Mountains, Erebor, and Khazadh-Dum, we determined the denomination would be the AXE. The slogan "Baruk Khazadh" means "Axes of the Dwarves" and we suggest that implies economic power as well as military strength. Dwarvish coins tend to depict a ruler or symbol of power on the obverse and a literal Axe-head on reverse.

Elves are strange, and their coins are likewise different. They are seldom round for one thing but come in various shapes. The coins of the realm of Hollin are in the shape of a holly leaf, the denominations told apart by their metal. The golden leaf represents summer, the copper leaf the fall, the silver leaf for winter, and the mithril leaf the spring. Likewise, coins of Rivendell are in the shape of a crescent moon and in various metals with different values. Elvish coins tend to be very stylized and technically advanced as a rule, with inscriptions dedicated to poetry and high-minded ideals.

Coins of Rohan always depict upon the obverse side a running horse running free upon an unrimmed field, and the denominations from small to large, the Brumby, Foal, Dram, and Stallion, reflecting the respect for horse culture. Their metals were acquired from of old by the capture of the hoard of Scatha the Worm by Eorl the Young, and they are typically of hammered type. The newest Rohan coin just came in through the portal this morning... a stallion of King Helm Hammerhand dated 2754 from the period during which Helm's Deep in built.

Orkish coins are quite crude and generally considered "ugly". Typically of iron they are used for the rough trade in weapons, drink, and small live animals that the scattered tribes of orcs and goblins have amongst themselves. Inscriptions tend to be authoritarian or scatological in nature and they are typically not accepted as currency in any other realms.

Mannish coins run a wide gamut of types and styles. Gondoran coins are probably the most technically and artistically advanced. Coins from places like Dunland and Isengard are crudely done, and Haradian coins are quite exotic, depicting such outlandish things as Oliophaunts, The coins of Dale in the north represent an unique situation as we have early coins of Old Dale, from before Smaug's time, and then much more sophisticated coinage of New Dale, after the Battle of Five Armies and the restoration of Dale by King Bard. There is a spectacular "Daler" of king Bard shown in the act of releasing the Black Arrow, released for the 100th anniversary of DOS. (Death Of Smaug)

As to the coinage that might be shown or used in the new Rings of Power series. We will have to wait and see. But I was happy to see that we do meet Durin, and we do have an Axe of Durin that depicts him! I don't want to put a website link here, but Shire Post Mint is easily found online. It began as fan-art, but that was over twenty years ago, and we are now fully licensed and have a staff of fourteen, making fantasy coins using antique machinery and traditional methods, and shipping worldwide.


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## Ent (Sep 8, 2022)

Thank you..!


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## Eljorahir (Sep 8, 2022)

These may be my two favorite economics-related references.

In Moria Gandalf says: _*"Bilbo had a corslet of mithril-rings that Thorin gave him. ... I never told him, but its worth was greater than the value of the whole Shire and everything in it."*_

At The Unexpected Party Thorin explains:
*"Dragons steal gold and jewels...they usually have a good notion of the current market value."*


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## Olorgando (Sep 9, 2022)

Eljorahir said:


> At The Unexpected Party Thorin explains:
> *"Dragons steal gold and jewels...they usually have a good notion of the current market value."*


How in Angband, with their total lack of contact with the world outside their hoards, could they ever arrive at such a notion???


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## Ent (Sep 9, 2022)

Olorgando said:


> How in Angband, with their total lack of contact with the world outside their hoards, could they ever arrive at such a notion???



Current market value from a Dragon's perspective: "I have it. YOU want it. Just forget it." 

Perhaps Thorin was only able to think from his own mindset. "I have a VERY good value of what the current market value would be.. I've pondered it for a LLooonnggg time. So clearly, Smaug would have a good notion too..!!"

Kind of like Melkor and Sauron couldn't think outside their own mindsets and figure out what was really going on.

Pure speculation, but since the Great Halls have burned down, there's no place to put it there I'm afraid.


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## Olorgando (Sep 9, 2022)

Well-aged Enting said:


> ... Perhaps Thorin was only able to think from his own mindset. ...


That sounds plausible. 🤑


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## tombombadil599 (Sep 12, 2022)

Will Whitfoot said:


> Ah, an interesting article. But the only things they call "Hobbit Coins" are the New Zealand gold coins with pictures of movie characters on them, so not anything Hobbits themselves would ever use. So in the "mining through the internet like a dwarf" they either failed to find Shire Post Mint, or else purposely avoided us to promote New Zealand. It's true that Tolkien himself touched coinage only slightly. There were the "pennies" that Bilbo gave to children on his doorstep as Gandalf arrives (NOT fireworks as in the film!) And, of course, the twelve silver pennies Frodo paid for Bill the Pony in Bree, (a scene which was unfortunately left out of the film adaptation). So in our licensed coins from The Hobbit and The Lord of The Rings we had to become somewhat creative and do some worldbuilding while hewing closely to every scrap of detail we can find in the appendices.
> 
> For Hobbits of The Shire.... the Dwarf mines of the Blue Mountains are only 35 miles, or a couple days ride on the old North Road from the Northfarthing bounds. Metals and metalworking tools would be easily acquired by trade from the Dwarves. Not just pipeweed of course, but all manner of consumables, from grain to fruit and beer to livestock. In our version of events, the Mayoralty at Michel Delving acquires its first screw press in early SR1402, shortly after Bilbo leaves The Shire. Before that time, coins of various realms would have circulated throughout The Shire, but with the issues of 1402 and beyond, the coinage became standardized. By tradition, all Shire coins have an image of a tree upon the obverse side. (Some scholars believe that this is a remnant of the tradition of the Two Trees of Valinor) Various trees are depicted. The reverse side shows some type of stylized depiction of the four-farthings. There are over 40 variants known to exist in several denominations. The most common denominations are the 1/4 penny or "farthing", the 1/2 penny or "haypenny", the penny, the tuppence, three pence and sixpence, then the Shilling or "silver penny". Larger denominations exist but are rarely seen in circulation. Inscriptions are in the elvish Tengwar script, and the local Kuduk language.
> 
> ...



Wow! Thank you for your thorough and well described accounts of the various coins and currencies of the different races, it's so nice to have it all written down, the Tolkien part of my heart sings for you! I consider myself well-versed in Tolkien's Middle-earth so learning new content is always a delight. 

I hope it's okay but I actually decided to reach out to the creators of the article and they have amended their post to include the Shire Post Mint because it seemed like such a good opportunity for anyone reading this type of content to know what they might look like and be able to get a piece of Middle-earth for themselves!


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## Will Whitfoot (Sep 13, 2022)

tombombadil599 said:


> Wow! Thank you for your thorough and well described accounts of the various coins and currencies of the different races, it's so nice to have it all written down, the Tolkien part of my heart sings for you! I consider myself well-versed in Tolkien's Middle-earth so learning new content is always a delight.
> 
> I hope it's okay but I actually decided to reach out to the creators of the article and they have amended their post to include the Shire Post Mint because it seemed like such a good opportunity for anyone reading this type of content to know what they might look like and be able to get a piece of Middle-earth for themselves!


OMG! Thank you, Tom! It didn't even occur to me to mention it to the creators of the article. May the hair on your feet grow ever longer! Will


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