All of the above are excellent advice.
I would also consider that, in Middle-Earth, a well made weapon or item "masterwork" if you will, can usually substitute for a true magic item. What magic there is will be subtle... like Sam's rope that untied iteself. You can also have the magic manifest itself only under rare occasions... like Merry & Pippin's "Daggers of Westernesse"... well made but apparently mundane daggers, but one of few weapons that could actually harm the Witch-King, and in fact caused him to become corporeal so that Eowen was able to kill him. Who would have thought?
Knowlege is often very valuable, especially in a neo-medieval culture. One of the greatest treasures ever in my MERP campaign was a library of medical journals, passed down for generations. Not only were they sources for medical and herbal knowlege, they also served as references on historical events.
Influence and access are also valuable resources. Save the kidnapped daughter of the blacksmith, you'll probably get free weapons repair and horseshoeing for life. Uncover the evil threatening the small village, you will probably have the ear of the headman for quite some time.
“I am a soldier. I fight where I am told, and I win where I fight.”
General George S. Patton, Jr.