For someone priced out of a fine set, this might be something interesting, but there are a lot of issues with the lot. Issues are
  • missing dustjackets
  • marked with a "T" on the spine, which likely means these were library books at one point
  • First volume is missing the foldout map, and the other two are now loose
  • ink ownership inscriptions to inner boards and front free endpapers
  • lots of wear evident to the boards/spines from the one photo

Still, these could go for less than a thousand pounds.

Mellors and Kirk auction on 16th Sep 2020

mellorskirk-lotr-sep-2020.JPG

Lot 678
TOLKIEN, J R R THE LORD OF THE RINGS; THE FELLOWSHIP OF THE RING; THE TWO TOWERS; THE RETURN OF THE KING
London, George Allen & Unwin Ltd, 1954, 1954, 1955, first edition/first state of each of the three books, original publisher’s red cloth, some light marks primarily to vol 1, some general wear to extremities, later ink ownership inscriptions to inner boards and front free endpapers, text clean and bright with no foxing, large loose folding map to rear of vol 2 and 3 (only) plus a further map at p24 in vol 1 (3)

Estimated at £800 - £1200 (before buyer's premium of 24% to 25.8%)

Sold for a hammer price of £3800 (!), not including buyer's premium.