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In Febraury of 1998, Toy Vault announced that their first liscence would be based upon J.R.R. Tolkien's classic The Lord of the Rings.  Each wave of figures that Toy Vault produces come with two figures each, one hero, one villian.   Each character is made from the descriptions given in the books, and are not based upon either the 1979 (?) Lord of the Rings movie or the two Rankin Bass (?) Made-For-TV movies (The Hobbit and Return of the King).

The following is a list of waves and the characters found therein:

Wave 1:  Gandalf and the Balrog

Wave 2:  Frodo and Ugluk (orc)

Wave 3:  Gimli and Gollum

Wave 4:  Elrond and Saruman (Subject to change)

Deluxe Wave 1:  Lord of the Nazgul