The dust jacket is key for this one, no?
this post was submitted on 20 Jun 2023
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Well that is the normal rule for modern first editions but Tolkien is so so sort after that prices for early edition of The Hobbit are very high even without the dust wrapper
I see, it's true that I saw that the 1st ed with dust jacked is valued around 70k so I suppose indeed that even without it it will be expensive.