The hobbit Bilbo once journeyed with the wizard Gandalf to faraway lands, and had great adventures in the years before Middle-Earth grew dark once again under the Shadow of Sauron's plans. Having had his fill of adventure, Bilbo retired as a wealthy but eccentric hobbit to his cozy home in the Shire. He was known among his fellow hobbits for his expensive gifts and parties, and his riches were a mystery and source of discussion throughout the Shire. He was honored at his 111th birthday, which was also Frodo's birthday. Bilbo stood up to thank his guests, but then bid them goodbye and disappeared instantly from the view of all! "Mad Baggins" was never heard from in the Shire again, although those who read the books or saw the movies know what happened to him. (This figure should have a "disappearing action", but it doesn't!) He does not come with any version of the One Ring, by the way.
He's wearing his plush red dinner jacket, with his vest and shirt underneath. His chubby little face is puckered up into a charming smile, accurately reflecting Bilbo's in the movie, as portrayed by Ian Holm. He comes with the barrel upon which he made his farewell speech, which is an all-around prop for those of us who have large collections, and sometimes arrange them in scenes mirroring movie scenes, photograph them, and put them on lotrstorybook.com for entertainment. It could, for instance, be a barrel of ale at Meduseld, or a tub of smoking leaf for Merry and Pippin at Isengard.
At any rate, the Bilbo figure stands well on his own (surprisingly well for a hobbit figure!), and is high quality. This figure is titled "birthday Bilbo", but that's not necessarily true. He's more like the Bag End edition, as opposed to "traveling Bilbo" or "There and Back Again Bilbo". He's a great buy for dedicated toy owners/collectors or Lord of the Rings fans, and I suggest you buy him.