Whatever gold the Wood-elves collected was found by washing the sands of the beds of the forest-streams. The elves could not afford to spend their energies on painstakingly sifting for a few grains of gold; with the Shadow under wood, they were always watchful, and it was perilous to wander far. Their ornaments were simple, and they strung garlands of sweet-scented flowers or leaves to wear in their hair. Because the Wood-elves produced gold in such small quantities, their metalsmiths had little opportunity to work with it and develop their art; and though they loved silver dearly, there were no silver mines in the Greenwood - at least, none had been discovered by the elves in the mountains in the south, and there the danger frightened them.
The scarcity of precious metals had the effect of drawing off their more talented crafters from metalworking, and they developed more skill in the carving of wood for bows than in the forging of weapons of iron or steel, or the cutting of precious gems. But their king was said to be very fond of treasure, and kept large stores of gold in his treasury, some it from the hoard from the Lonely Mountain. Thranduil ate off wrought golden dishes, and his drinking bowl was carved from solid crystal, and was said to be worth more than nine hundred and fifty pieces of gold.
To Parnard, gold was merely a yellow metal, a convenient means of payment easily adapted to the needs of the Elves, as Men and Dwarves prized it highly. He believed that if it was not hoarded as it was, it would not be nearly as valuable; however gold was very useful when there were no goods to barter because of its ease of transport and exchange. He noted how the demand for gold as payment rose during times of strife, and made its value higher. Secretly he worried that the Naugrim would demand gold and not the chest of jewels that he was examining and carefully numbering in his accounts:
One hundred gleaming pale green beryls of the finest quality, a choice few with the very rare seven-rayed star within their depths, and one of a beautiful pure green color that was not too dark, and not too light. He liked that one the best.
Besides these were five superbly cut gems, clear as the waters of the valley, that tint the air around them with many colours when held up to the light. ‘Very flashy’ he noted in the margin, but these were not so attractive to his eye as the beryls.
And then there was a mixed lot of two light blue sapphires, two deep red rubies, and one brilliant opal the size of a quail egg that sparkled and glittered yellow one moment, and green the next like a fire-fly. He fancied that he could almost feel its heat as he held it in his hand. It reminded him of the cabochon in Estarfin's ring, the one fashioned for him by Danel.
I wonder if the Naugrim have many of these stones? Parnard imagined a vast number of ornaments of silver, gold and gems in their treasury, and many sharp axes made of dwarf-steel to guard them. What will they say, when confronted with these jewels? Will they negotiate with us? Or will they say these baubles are not worth their time? What will I say then? who scarce know how the Naugrim do?
