If I remember correctly, the ring was a reward for completing the final quest in version 1. Its been a while, but I believe you had to /pray at the 12 special markings that appeared towards the end of the game to complete the quest. When you prayed at your Guardian's sign, you received their ring. For example, when I created my character, I choose Nophica the Matron as my Guardian. When I prayed to her symbol in Gridania, I received her ring.