Quote:
But when Eärendil began his great voyages upon the Sea he wore the Elessar upon his breast...
(UT II 4)
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The green stone was the Elessar, which was probably useless during the voyage. so Bilbo could have omitted that detail without affecting the song much.
But Aragorn knew the importance of the stone. It is one of the links between the age that was and now.