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In the fictional world of the Middle Earth created by Tolkien, it means "province".

Under the Anglo-Saxon law, it means a land held under no charter, rather an ancient unwritten custom.
The Shire was divided into four quarters, the Farthings already referred to, North, South, East, and West; and there again each into a number of folklands, which still bore the names of some of the old leading families (...).
by Rachid El Akbar February 08, 2012
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