Dwarves' treasure

The Dwarves' treasure, the legendary hoard of Thror, King under the Mountain, is the magnetic core around which the entire adventure of The Hobbit revolves. It is the object of the quest, the cause of Smaug's desolation, and the catalyst for the story's climactic conflicts. More than a simple pile of gold, the treasure is a force of enchantment and corruption, a symbol of lost heritage, and a test of character that ultimately proves fatal for its rightful heir, Thorin Oakenshield.

Origins and Loss

The treasure was accumulated over generations by the dwarves of the Line of Durin after they were driven from the far North and discovered the Lonely Mountain. Under Thror, they mined and tunnelled, creating vast halls and workshops, and amassed a wealth of gold, jewels, and wondrous crafted objects. The dwarves grew immensely rich and famous, their smiths sought after by kings, and the nearby town of Dale prospered. This prosperity, however, attracted the dragon Smaug, who descended upon the Mountain in a spout of flame, destroyed Dale, and routed the dwarves. Smaug took all their wealth for himself, piling it into a great heap in the deepest hall, where he slept on it for nearly two hundred years. The few surviving dwarves, including Thorin, were forced into exile, earning their livings as blacksmiths or even coal miners, but they never forgot their stolen treasure.

The Hoard's Contents and Enchantment

The hoard was of incalculable wealth and beauty. It contained countless piles of gold wrought and unwrought, gems and jewels, and silver red-stained in the ruddy light of Smaug's lair. Among its most notable items were the spears made for the armies of the great King Bladorthin, each with a thrice-forged head and shafts inlaid with cunning gold; shields made for warriors long dead; the great golden cup of Thror, two-handed and carven with jewels; coats of mail gilded and silvered and impenetrable; and the necklace of Girion, Lord of Dale, made of five hundred emeralds. Fairest of all was the Arkenstone, the Heart of the Mountain, a great white gem with a thousand facets that shone like silver in firelight and like water in the sun. The treasure exerted a powerful enchantment, especially on dwarves. When Bilbo Baggins first saw it, his heart was filled and pierced with enchantment and the desire of dwarves. The dwarves, when they finally entered the hall, were so bewitched that they forgot fear and caution, speaking aloud and crying out as they lifted old treasures, caressing and fingering them. Thorin, in particular, spent long hours in the treasury, and the lust of it grew heavy on him.

The Treasure as a Source of Conflict

After Smaug's death, the treasure became the cause of a bitter dispute. The men of Lake-town, whose town had been destroyed by the dragon, and the Elvenking, who had aided them, sought compensation from the hoard. Bard, the dragon-slayer and heir of Girion, claimed a portion of the treasure that had originally belonged to Dale. Thorin, however, refused to parley with an armed host, declaring that no man had a claim to the treasure of his people. The treasure's power had made him grim and stubborn; he was ready to sit on a heap of gold and starve rather than yield. This conflict led to the siege of the Mountain, with the dwarves barricaded inside and the men and elves camped before their gates. The treasure's allure also drew the goblins and Wargs, who sought to win the North, culminating in the Battle of Five Armies.

The Treasure's Cost and Legacy

The treasure's ultimate cost was immense. Thorin's obsession with it, particularly with the Arkenstone, led him to denounce Bilbo as a traitor and to refuse a peaceful settlement. In the battle, Thorin was mortally wounded, and his nephews, Fili and Kili, died defending him. The treasure, which had been the object of his life's quest, was the cause of his death. In his final moments, Thorin repented, telling Bilbo that if more people valued food and cheer and song above hoarded gold, the world would be a merrier place. After the battle, the treasure was divided. A fourteenth share was given to Bard, who used it to rebuild Dale and reward his followers. The Elvenking received the emeralds of Girion. Dain son of Nain became King under the Mountain and dealt the treasure well among the surviving dwarves. Bilbo, who had risked his life for the quest, refused a great reward, taking only two small chests of gold and silver, enough for a comfortable life. The treasure, which had brought ruin and death, ultimately helped to restore prosperity to the lands, but its corrupting power, the dragon-sickness, remained a cautionary tale, as seen in the fate of the old Master of Lake-town, who took his gold and died of starvation in the Waste.