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The Merchants of Middle-earth - Page 6© Michael Martinez
From 1409 onward Eriador's economy would have been dominated by three regions: Fornost Erain in the southern end of the North Downs, Bree at the crossroads of the great highways, and Tharbad at the crossing of the Gwathlo river. Tharbad was in serious decline, for though it had originally been a fotress and trading center for the Dunedain Gondor's economic and political interests in the north were by this time declining, and the last Gondorian garrison was pulled out of Tharbad after the Great Plague of 1636.
The great influx of Stoors to Dunland around 1300 which would have benefitted Tharbad economically was offset by the demise of the Stoorish population in the Great Plague. The only Stoors wh survived west of the Misty Mountains from that time onward were those who had recenty migrated to the newly founded Shire beyond the Baranduin river. The Plague also wiped out most of Cardolan's people and organized settlement effectively came to an end between Tharbad and Bree. Tharbad was thus isolated from the rest of Eriador and its population probably never fully recovered from the effects of the Great Plague.
Arnor survived another 338 years but its population declined. The Shire, Bree, Fornost Erain, and Tharbad were the only productive regions left. Fornost and the Shire were both overrun in the final invasion launched by Angmar. The Shire was resettled but Fornost was finally deserted by the Dunedain who probably retreated to the deep hills of the North Downs.
For the rest of the Third Age Eriador's economic activity limped along. A few travellers passed through Bree and the Shire but there was no longer a foundation to support significant commerce. The Shire apparently continued to supply food to the Dwarves of Ered Luin, whose numbers swelled after Khazad-dum's civilization was destroyed by the Balrog in 1980-1. Bree remained an important stopping point in any journey across Eriador but it was no longer vital to the needs of the north kingdom. So the question of who minted the money arises?
Probably the Dwarves of Ered Luin provided the money for Eriador. They would have needed it to pay for the food they purchased from the Shire and it would have benefitted Bree to honor the currency as well. If the Elves of Lindon and Imladris made use of money (or whatever Wandering Companies might have been left) then it would make sense for them to use a Dwarven currency as well.
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