I don't think that was actually bravery. He found the Ring and he wanted it. Smeagol wanted it too. A scuffle ensued, and Deagol was killed. He could be brave, it's a possibilty, but I don't think we hear enough about his character to call him brave exactly. Just my thoughts.

I'm responding before I read the thread because I don't want my ideas to be influenced by what I read, so if my post seems full of non sequitors, that's why.

Bravery is so often thought of as really physical or outwardly...but I think that the real struggle for courage takes place in the mind. Harry Potter taught me that, actually.

Out of all the characters, I think Frodo is one of the most courageous (is having courage synonymous with being brave?). He had Sam to help him along the physical journey, but there was nothing Sam could do for the emotional battle. Frodo was constantly struggling for control of his mind as the Ring tried to usurp it. In the end he lost the battle, but I think a person can be brave and still lose. He did all he could up until the moment of utmost pressure, and then he broke and couldn't do it any longer.

Another example of emotional bravery is Boromir's actions to save Merry and Pippin. I've thought about this a lot, and I am ashamed to say that when I know I have done something wrong, and embarassing, I will most likely give up and look more foolish, because it's easier. Boromir had done the ultimate wrong, he'd gone back on an oath and tried to murder someone he'd sworn to protect. But instead of taking the easy way out, wallowing in self pity and slinking home or even commiting suicide, he gave up his life to save two Hobbits that were, frankly, not as important as himself. He knew he might lose his life, but he wasn't committing suicide. He wanted to die with honor, if he had to die, and he laid down his life for his friends. And for a proud person like Boromir (or, honestly, myself) the alternative was probably more upsetting- having to account for his actions later, facing expulsion from the Fellowship, disgrace from his country, etc. But he chose to carry on despite the potential consequences.

Those certainly aren't the only brave members in The Lord of the Rings, and I'm not even sure I would call them the bravest, if pressed. But Boromir and Frodo exhibited great courage when things were hard, and I admire them for that.


ETA:

That is a really good point! I've never thought of attributing courage to Gandalf...I always think of him as the one without fear, but he had his own battles to fight. Thanks for pointing that out, now I have some brain food for the day.

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You stole my answer, Nienor - I think Frodo is the bravest, for the same reasons, and for taking the Ring in the first place, knowing he had almost no chance from the start. He knew he was probably going to die, but he chose to do it anyways. So, I'd call him the bravest.

After him come Aragorn and Sam, Aragorn for spending most of his life fighting Mordor without hope of victory, and a lot of odds against him, and Sam for sticking with Frodo until the end.

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Aragorn - He did what he needed to in the face of danger.
Faramir - He tried to save his city even when he knew it could mean death.
Boromir - Stayed protecting those less capable of defending than himself.
Sam - Stayed near Frodo even when times were hard
Frodo - Perservering through trial
Eowyn - Standing up to save her uncle even though it could have meant death.

So everyone's brave, really. Just in different ways. Different people face different trials and different people respond to them different ways.

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For me Legolas is the bravest, and i'm not saying this just because I like him the most .The only time I saw him scared was in Moria when the Balrog appeared.All the other times he was like playing with his foes, never affraid and always daring in his actions.
Samwise also shows great heroism. I think he was almost ready to jump in the Crack of Doom to save his friend.