Council of Elrond

I lost my hobbit; can someone explain to me the hoard points.

Okay, I know the Dragon-Lords can play hero items,
as a hero item the item is worth half the MPs.
So when does the counting of hoard points start?

Valiant Sword = 2 MP for heroes, and 1 MP for everyone else, but HP?
And Necklace of Girion is ? HP for Smaug? zero since it is his home site?

Chieftest and Greatest of C. stats needing a 3 MP faction in gathered bones,
but the rules say such factions are worth 1 MP in all cases. I know we do not need exact wording
since it seems obvious Men of Dorwinion can be used, but about hoard points...

Thank you.

Points in your hoard are the MP's for items stored at your Dragon's Den(s), it has nothing to do with the keyword hoard item.

Any minion receives only half the mp's for a hero item, Dragon-lords (in general) receive only half the mp's for whichever item, and full mp's if they are stored (whichever the alignment of the item).

Valiant Sword: 1 mp, 2 mp if stored (and then 2 hoard mp).
Necklace of Girion for Smaug: 1 mp, 1 mp if stored (as it's only playable at a Haven; then 1 hoard mp).

The last instance I'd say is up for debate, Dragon-lord rules are still in development, so it might change, and your suggestions are welcome
The concept of hoard mp's isn't that well developed yet, there are only few cards to which it is relevant. It would be nice somehow to also award hoard mp's to minor items, perhaps only treasure items, what would a Dragon care about a Foul-smelling Paste? This is in fact what Gloaming Golden Hoard says.

Thank you for the clarification.
I like all that you wrote about hoard points.
Even though Necklace of Girion is easy playable at Smaug's home site
its use is more valuable than the single MP/HP of the item stored.

I like how Gleaming Golden hoard has the benefit of hoard minor items.
I made a changed to Smaug's Fate deck to include Necklace of Girion
to fetch major items. Smaug has plenty of HPs now with Mithril-Coat.