A Long-expected Party summary:
In the Shire, Bilbo Baggins and his adopted heir, Frodo Baggins, plan a joint birthday party. It is Bilbo's 111th birthday and Frodo's 33rd birthday (coming of age). An old friend of Bilbo and Frodo, Gandal the wizard, arrives for the party.
During Bilbo's speech at the party he uses a magical ring to disappear. He heads home (Bag End) and gathers his things to leave on his last adventure. Gandalf approaches Bilbo at Bag End and asks if he plans to leave his ring. Bilbo becomes angry with Gandalf, calling the ring "his precious", suspecting that he is trying to steal his ring from him. Gandalf assures Bilbo he is not trying to rob him and suggests he leaves the ring for Frodo. Bilbo complies and leaves for good.
Frodo is told by Gandalf to watch over the magical ring but to never use it. The next day, Frodo gives away many of Bilbo's possessions according to the instructions he left behind. Bilbo gives graciously to many of them and soon Bag End is mobbed by hobbits looking for a handout. The Sackville-Bagginses come and harass Frodo. One of them tries to steal things from the house. Sam and Frodo must wrestle away intruders looking for Bilbo's gold. They lock the door but then there is a knock. It is Gandalf. The wizard warns them again not to touch the ring. He says it has one power they all know of, but it might have more.
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