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Allegorical: Now we all know that the beloved professor hated and despised allegory. Yet...I am sure that there are allegorical themes (just a thought -- did he hate books that were allegorical, or did he dislike allegorical "themes" in mythic books?). For example, the Silmarils themselves, could be a symbol of purity. (Or, for an easier example, the Ring is a symbol of evil).
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The way I see it, there's a large difference between allegory and symbolism. The Ring being a symbol of evil does not make it allegory, because it's not referring to any one evil.
Animal Farm, for example, is blatant allegory which parallels Marxism/Communism and all that delightful socialist business. LotR, as Tolkien says, is "applicable." Now, I've heard various theories about what LotR "really" means, from the atomic bomb to today's terrorism.
I tend to interpret the story literally; I just take it at face value and enjoy it for what it is.