If I recall correctly:

  1. The agreement was that each dwarf would receive 1/14 of the treasure.
  2. Bilbo takes the Arkenstone, and though unspoken, is willing to give up his share for it.
  3. Bard demanded 1/12 of the treasure.
  4. Bilbo gives the Arkenstone to Bard.
  5. Three of the dwarves die (Fili, Kili, and Thorin).
  6. Dain honors the earlier agreement and gives Bard 1/14.
  7. Bilbo rejects his full share and takes just a couple bags.
  8. The Arkenstone is interred with Thorin.

Interestingly, perhaps, had Dain been given an equal share of the final result, 1/12 would be correct, as the original 14 minus the 3 dead plus the 1 Dale, is 12.

If each living dwarf got 1/14, that would leave 3/14 of the pie (pun intended) unclaimed. Bilbo also left most of his portion, meaning almost 4/14 was not touched.

The Arkenstone, which both Bilbo and Thorin suggested they would be willing to give up their portions for, was buried with Thorin; this may be considered his 1/14, or if not, at least make up for the portion of Bilbo's part left untaken.

So, how was the treasure actually divided? And which agreement with Dain gave him 1/14?

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    Bilbo's deal was actually "cash on delivery, up to and not exceeding one fourteenth of total profits (if any)". Bilbo only took a tiny fraction of this in terms of gold and silver although the coat of mithril probably balanced things up. Commented Jul 11, 2014 at 14:03
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    Would the coat of mithril, being neither gold, silver, nor gem, nor given as treasure but as thanks, be considered part of the treasure? Though the "up to" is an excellent relevant detail! Commented Jul 11, 2014 at 15:06
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    @TheMathemagician that's a good point. It was never stated that each dwarf would get a 1/14th. Certainly Thorin wouldn't have have taken the same share as his nephews Fili or Kili. He considered the hoard by rights his. He could offer the dwarves Lordships in the Mountain, but to convince Bilbo he had to offer a share of all profits, if any. Commented Jul 11, 2014 at 15:09
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    Thorin explicitly makes it part of his share: 'Mr. Baggins!' he cried. 'Here is the first payment of your reward! Cast off your old coat and put on this!' Commented Jul 11, 2014 at 15:41
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    @Himarm Gandalf wouldn't have got a 14th share. There were 13 dwarves who needed an extra companion to avoid bad luck. Bilbo made it 14, Gandalf was number 15. Hence the Goblin song "Fifteen birds in five Fir Trees" Commented Jul 11, 2014 at 15:55

6 Answers 6


It looks like your answer contains all the detail that was in the story. All of the dwarves stayed in the lonely mountain so the bulk of the treasure stayed there.

Bard requested a share of the hoard because Smaug sacked Dale, including the emeralds of Girion, which the Elven king ended up with because he loved forest green gems so much.

I don't think there was any agreement to give 1/14th away, I imagine Dain handed out gifts and rewards to anyone who helped overthrow the Goblins.

There's no reference in the books, but I always imagined Dain offered Beorn rich rewards too which were turned down.

Also the logistics of counting the value of the entire hoard, balancing the value of gems vs gold and dividing it by 14 would have taken years anyway. Practically I'd say it was more a case of loading some wagons or donkeys with gold and silver cups and plates to redecorate the rebuilt halls of Dale.

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    I just can't picture the dwarves actually wanting to know exactly what was theirs. They all had more wealth than they could spend and it's not like they could spend it on much anyway. Stage 2 was probably invite as many carpenters, stone masons, musicians, smiths of all types, weavers, bakers, guards, brewers etc to the Mountain to create real wealth. Once they're all established the next priority would be to create small coins so the 11 can buy a pint without paying by "handfull of dragon hoard" Commented Jul 11, 2014 at 13:19
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    I understand what you are saying. I happen to think otherwise though. :) I assume a dwarf to be like an accountant when it comes to gold, especially after their rings enflamed their gold lust. Commented Jul 11, 2014 at 13:23
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    Yeah, no doubt once the brewers are established the fights break out about Bombur having already drank more than his 14th share and they start trying to calculate backwards how much gold he should have been allowed to drag to the pub since they opened shop Commented Jul 11, 2014 at 13:25
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    And if they do act like accountants they probably spent the next 10 years arguing over whether that gold coin with the dragon claw has it's value on the balance ledger decreased due to being damaged goods or increased due to rarity. And if that magical harp that Kili played (which stayed in tune throughout the whole dragon occupation) should be valued at more or less than the original gilded cup that bilbo swiped from Smaug... both have sentimental value to consider. Fun to think about... Commented Jul 11, 2014 at 13:45
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    @MikeyMouse A whole handful of dragon horde for a pint? Man, inflation must be terrible in Middle Earth.
    – Zibbobz
    Commented Jul 11, 2014 at 18:49

I don't want to delete my old answer, but after reading all the comments and thinking about it while cycling to work. I think this is a more accurate answer.

As the Mathemagician pointed out, no agreement to give each dwarf an equal share was ever mentioned in the books. It does seem very unlikely that Thorin was going to divide up the hoard that was his fathers and his father's fathers into 14 equal parts. No doubt he intended to claim the hoard as his and reward his followers and friends as he felt they deserved.

The special agreement with Bilbo was drawn up to convince him to leave his comfortable home behind and come with them to the mountain. His share was to be "one fourteenth share of total profits, if any".

By this, no doubt they were thinking of any profits they made on the journey to the mountain (such as the pot of gold coins they took from the trolls, Bert, William and Tom) or anything that he might be able to steal from the dragon. Even Gandalf didn't think they would end up killing the dragon and claiming the entire hoard.

"that is why I settled on Burglary."

As Gandalf put it, it was a chance for Bilbo to make his fortune.

"Very amusing for me, very good for you - and profitable too"

When they drew up his contract, they were probably thinking: at the least they'll have to offer him a fair share of anything he burgles from under the nose of a dragon.

So 13/14 of the treasure was officially Dain's (as Thorins cousin and heir to the treasure) and it stayed in the mountain. From this, Dain no doubt paid every one of the surviving companions with wealth and titles.

Bilbo took the Arkenstone as his 1/14, gave it to Bard. Bard agreed to trade it to Thorin for the 14th share in gold (wrought and un-wrought) and Dain honored the agreement of the dead.

So, that's how the treasure got divided.

(Also is anyone else really excited to see how Billy Connelly portrays Dain in the upcoming movie?)

Ok, I'll replying to Brians comment in here, because there's so much more space:

I do agree Thorin considered the Arken Stone at much higher than 1/14, and was happy to write off 1/14th of his hoard to buy back the stone. He probably would have given over half of it, if it was the only way he could get the stone back.

Here's the quote about him choosing his reward:

“Now I am a burglar indeed!” thought he. “But I suppose I must tell the dwarves about it—some time. They did say I could pick and choose my own share; and I think I would choose this, if they took all the rest!”

Here are his last words at the Gate, which he took back later.

"I am betrayed!" It was rightly guessed that I could not forbear to redeem the Arkenstone, the treasure of my house. For it I will give one fourteenth share of the hoard in silver and gold, setting aside the gems; but that shall be accounted the promised share of this traitor, and with that reward he shall depart, and you can divide it as you will. He will get little enough, I doubt not. Take him, if you wish him to live; and no friendship of mine goes with him."

  • "Bilbo took the Arkenstone as his 1/14" Was that ever agreed to? Agreement's usually require both sides to be happy with it. Commented Jul 16, 2014 at 12:57
  • I got the impression Thorin did agree. He was about to throw Bilbo to the rocks, but then softened. "I will, and I will you go at that. Get down now to your friends" "And that shall be accounted the share of this traitor". Oh I forgot the quote about Bilbo being allowed to pick and choose his share of the treasure. So Thorin agreed that the Stone was at least valued at 1/14 and that Bilbo could pick and choose his 1/14 Commented Jul 16, 2014 at 13:00
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    I thought Thorin was agreeing to let him keep the mithril armor (which was given, iiuc, as a reward for saving their lives). Thorin would never have agreed to give the Arkenstone. He was also willing to give his entire share for it. According to this answer, you suggest that Thorin was to keep 13/14s of the pile, meaning the Arkenstone was worth--to Thorin--13/14, not a measly 1/14. :) Commented Jul 16, 2014 at 13:09
  • (Also is anyone else really excited to see how Billy Connelly portrays Dain in the upcoming movie?) <-- well, I was hoping it would be good, but now... Commented Jul 25, 2020 at 9:44
  • Having the contract specify a fourteenth part for Bilbo, in a party of fourteen (plus the extraneous wizard), strongly infers that each was to receive an equal portion. Commented Apr 2, 2021 at 21:18

I believe that Bilbo got the Troll's gold, which had been buried, on his way back home with Gandalf. This is perhaps what he means when he told his nephew Frodo that he only got "two small chests, hardly overfilling". I'd have to look at the book to be certain it is even mentioned, as the screenplay took advantage of the "literary license" (changes from the original screenplay and the books). Personally I suspect that he got much more somehow, on account on how rich he was for the long remainder of his life and him being generous until he went away on the ship.


Dain was going to give Bilbo his 1/14 share even after the deal for the Arkenstone but Bilbo agreed only to two small chests (one filled with silver the other with gold) because Bilbo really didn’t care for the gold because it really had no use for him in his hobbit hole under the hill and was to much a burden to ever get back there.


The answer is...we don't know. As already mentioned in other answers, Bard got 1/14th of the gold and silver (which was an awful lot), and Dain apparently kept the rest.

There was, of course, no longer any question of dividing the hoard in such shares as had been planned, to Balin and Dwalin, and Dori and Nori and Ori, and Oin and Gloin, and Bifur and Bofur and Bombur - or to Bilbo.

So as King under the Mountain, Dain generously paid out everyone he wanted to. So the 10 dwarves that lived after the Battle of Five Armies never needed any more money. We can at least tell about Bombur, from The Fellowship of the Ring:

Bombur was now so fat that he could not move himself from his couch to his chair at table, and it took six young dwarves to lift him.

That seems to me to be a mark of great wealth. Not to mention how much food he would have had to buy and eat to get into that state.


Yes, Bilbo gave up his 1/14th share to Bard, but I think after that both Dain and Bard gifted him a chest each of silver and gold which he carried back on his pony:

In the end he would only take two small chests, one filled with silver, and the other with gold, such as one strong pony could carry.

Plus he had the small treasure hoard of the Trolls, plus he was already rich to begin with. Baggins was a second-level Hobbit "Aristocrat/Noble" Family, wealthy enough/"noble" enough to marry into the chiefly clans of Took and Brandybuck. He was landed gentry, a Gentleman 'Farmer' with enough land and tenant farmers that he didn't need to work...thus able to pursue his writing and translation work.

Thus specifically Bilbo's share of the Smaug's treasure was a chest of silver and a chest of gold, plus the mithril armor Thorin gave him.

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    Hi, welcome to SF&F. This doesn't properly answer the question, since you focus overly much on Bilbo's share, and his wealth in general. Also this could use some quotes to back up what you're saying.
    – DavidW
    Commented Sep 20, 2020 at 4:20

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