Before The Lord of the Rings, there was The Hobbit. A children’s fantasy novel by J.R.R. Tolkien, it’s the story of Bilbo Baggins – and it did so well Tolkien’s publisher requested a sequel. The rest is history, and The Hobbit‘s second edition featured revisions that served as setup. Tolkien continued to make changes in later editions, as Middle-earth took shape in his mind, meaning the version modern readers tend to enjoy has quite a few significant differences to the orignal.
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Naturally, this means first editions of The Hobbit are incredibly valuable. A signed first edition of The Hobbit has just sold for a stunning $450,000, a record for the book. This copy is a second impression; the first was sold out by 15 December 1937, and this second impression was ready by 19 December (it didn’t go on sale until early 1938). Remarkably, this particular copy is unique, in that Tolkien presented it as a gift to his housekeeper as a Christmas present.
How Did The Hobbit Change Over the Years?

It’s possible to pick up facsimile editions of The Hobbit‘s original version, and these are often discussed at lengths in book club bulletin boards (such as on TTRPBC). Most of the changes were relatively small, reflecting the fact Tolkien was still developing a sense of the geography of Middle-earth, while a major riddle was altered to increase the prominence of the One Ring. Gandalf was presented slightly differently (he wears a blue hat, a grey cloak, a silver scarf, and black boots, his character is a little more cheerful, and even his magic is a little less spectacular).
Curiously, even Gollum changes between the different editions of The Hobbit. In the 1937 edition, Gollum is willing to lose the One Ring, proposing a wager. He actually has the habit of referring to himself as “Precious” rather than the One Ring, giving a sense of the scale of the changes. The ring itself is not presented as having any agency, but rather it is simply a ring; it’s easy to see why Tolkien had to make such substantial changes on this point.
Another significant difference lies in Smaug. Dragons are presented as though they are unusual on Middle-earth, but not exactly rare; Gandalf talks about how the Hobbits wrongly thought them on the verge of extinction. This, too, contrasts with later editions, where Smaug is discussed as last of the “Great Dragons.” It’s an important point, too, because The Lord of the Rings notes that dragonfire would have been powerful enough to destroy the One Ring. Tolkien presumably made Smaug the last of the Great Dragons to erase this method, leaving the Fellowship with just the one option to fulfill their quest.
It’s fascinating to imagine The Hobbit changing shape over the years, much as George Lucas adjusted the Star Wars original trilogy to better align it with the prequels. Most readers will simply want to pick up the facsimile edition, but one collector has just walked away with a treasure even Smaug would envy.
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