What do they signify?
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From the text:
"That day he looked at the swords they had brought from the trolls' lair, and he said: “These are not troll-make. They are old swords, very old swords of the
High Elves of the West, my kin. They were made in Gondolin for the Goblin-wars. They must have come from a dragon's hoard or goblin plunder, for dragons and goblins destroyed that city many ages ago. This, Thorin, the runes name Orcrist, the Goblin-cleaver in the ancient tongue of Gondolin; it was a famous blade. This, Gandalf, was Glamdring, Foe-hammer that the king of Gondolin once wore. Keep them
The Hobbit/ A Short Rest