Well, Bilbo did get the necklace from Dain, a dwarf. And since dwarves are, by their very nature, stubby and stout, perhaps this was a Freudian slip on Bilbo's part, using the term "neckless" as an allusion to squat dwarves lacking a neck beneath their billowing beards. For a dwarf, it would not be a "necklace", but more of a...ummm..."chestlace".
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And your little sister's immaculate virginity wings away on the bony shoulders of a young horse named George who stole surreptitiously into her geography revision.
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