Nerdy Fact #1794: After finishing the Lord of the Rings, J.R.R. Tolkien went back and rewrote The Hobbit to better fit in with the world he had created. The most significant of these changes was to make the One Ring a more sinister object. Tolkien explained these changes by stating that the first edition of the book is simply Bilbo’s journal in which he lied about the nature of the Ring. The new edition is what truly happened.
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Source: Nerdy Facts