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I'd always assumed that the treasure hoard was that of the Dwarves, and all Smaug did was take it over.
– ouflak
Commented Jun 11, 2019 at 14:59
1

@ouflak Most of it was, but he also moved the treasure of Dale inside the mountain. Bard claimed one-twelfth if I remember right, though he was satisfied with Bilbo's fourteenth as a ransom for the Arkenstone.
– Nolimon
Commented Jun 11, 2019 at 15:40

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