In their Introduction to the edited edition of Farmer Giles, Hammond and Scull specify the "historical" time as given by Tolkien in his Forward:
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...between the end of the third century (the time of King Coel) and the early sixth century (the rise of the Seven Kingdoms of the English)...
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So it is definitely pre-Arthurian. However, that is not important; they go on to say:
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Its 'medieval' setting is merely an appropriate background for a tale of dragons and knights, against which Tolkien places anachronisms for humorous effect...
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'Mercy!' cried Gandalf. 'If the giving of information is to be the cure of your inquisitiveness, I shall spend all the rest of my days in answering you. What more do you want to know?' 'The whole history of Middle-earth..
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