Somehow the Dwarves found a supply of Mithril* to help remake the gates of Minas Tirith. The value placed on your chain mail has to do more with quality of the smithing (and magic) than the 10 pounds or so of Mithril. That and the Shire was being greatly undervalued in my opinion. I would rate the Mithril value of the Mail at about 24,000 to 48,000 gold. It might be true that all of the valuable in the Shire did not add up to this, but the farm lands that produced such rich and abundant crops are worth far more than estimated and even more now that there is a North Kingdom again and an economy.
[QUOTE=FotR]
What? ' cried Gimli, startled out of his silence. A corslet of
Moria-silver? That was a kingly gift! ’
‘Yes,’ said Gandalf. `I never told him, but its worth was greater than
the value of the whole Shire and everything in it.’
[/QUOTE]
Now with the enchantments, maybe this armor is worth 200,000 gold. That might be fair to say. Obviously there could be no buyer found. Maybe my estimate is higher than the value of the Shire before Lotho began his trade with Saruman, but I doubt it. I think Gandalf might have been wrong on this one.
So in conclusion, I hold by by estimate of 2 ounces of Mithril being worth maybe 300-600 GP.
*
[QUOTE=RotK]
In his time the City was made more fair than it had ever been, even in
the days of its first glory; and it was filled with trees and with
fountains, and its gates were wrought of **mithril **and steel, and its streets
were paved with white marble; and the Folk of the Mountain laboured in it,
and the Folk of the Wood rejoiced to come there; and all was healed and made
good, and the houses were filled with men and women and the laughter of
children, and no window was blind nor any courtyard empty; and after the
ending of the Third Age of the world into the new age it preserved the
memory and the glory of the years that were gone.
[/QUOTE]