Invisible Baggins

Bilbo Baggins discovered a mysterious golden Ring while lost in the tunnels of the Goblins beneath the Misty Mountains, and soon discovered that wearing it would render him invisible. He used this new-found power to escape from the Ring's former bearer Gollum as well as the Goblins, and to find his way back to Thorin and Company beyond the mountains. For a long time after its discovery, he resolved to keep the Ring and its abilities a secret even from his travelling companions.

It was not until much later in their journey, beset by gigantic spiders beneath the dark trees of Mirkwood, that Bilbo was forced to reveal the Ring's secret to his companions. He vanished, and invisibly drew the spiders away from his friends. They were thus saved from one danger but soon found another, being captured by the Wood-elves and locked in their deep dungeons. Bilbo was forced to use his invisibility to remain hidden and help the imprisoned Dwarves, and it is during this period that he became known as 'Invisible Baggins' (or, more fully, 'Mr. Invisible Baggins') and earned a greater measure of the Dwarves' respect.

Invisible Baggins eventually succeeded in freeing his friends, and together the Company made their way to Lake-town and on to the Lonely Mountain. Through hardship and loss their Quest of Erebor succeeded, and afterward Bilbo made the long journey back home in the company of Gandalf. Back in the Shire, he rarely used his power of invisibility (except to avoid the occasional awkward social situation) until the time of his Farewell Party. There, he used the power one last time to vanish in front of all his guests, and then with some encouragement from Gandalf he finally abandoned the Ring, leaving it - and its powers and dangers - to his adopted heir Frodo.