The heirloom arrow of the lords of Dale, forged by the true king under the Mountain and passed down from Girion to his heirs. Bard the Bowman had recovered it from every battle he ever shot it in. When Smaug descended on Lake-town, the thrush brought word of the bare patch in the dragon's jewelled waistcoat — found by Bilbo — and Bard's Black Arrow, last of all his shafts, flew to it. Smaug fell in ruin upon Esgaroth, and the arrow was never found again.