Forbes writer Michael Noer calculates
the value of Smaug's treasure. As you are aware from your close reading of
the Hobbit
, Smaug ruined the dwarven kingdom, and took all the treasure and made a huge pile of it. Which he then slept on. Mr. Noer calculates this at a value of $8.6 billion, including the Arkenstone. This number of course leaves out the matter of the value of mithril items [Bilbo's coat alone worth as much as the Shire], and the value of any gems and such like mixed in with the gold and silver, but it is still an astounding total.
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