A seal or signet ring was used to apply the wearer's personal mark to the sealing wax on a document. The seal then demonstrated the legality of the document and the identification of the issuing authority or individual. Signet rings could be engraved with a coat of arms or crest, an initial, a merchant's mark (a geometric symbol used to mark goods or personal belongings), or a personal symbol. Sixteenth and seventeenth century portraits show signet rings worn on the forefinger or thumb, presumably to make it easy to apply the ring to the wax by turning the hand. They were items of jewellery with a practical function but the use of precious metals and engraved hardstones indicates that they were also signs of status.

The mark on the bezel is a merchant's mark, used to mark goods and as a signet for those not entitled to a coat of arms. Most merchants in the sixteenth and seventeenth century had marks, easily identifiable and formed with a few strokes of the brush. In England, most marks were like mastheads, designed around an inverted V, a double X or W, a reversed 4 or a combination of these elements. Many merchants rings also bear religious or talismanic inscriptions, combining a spiritual with a commercial function. Signet rings are generally engraved in reverse so that the design appears correctly when pressed into sealing wax.

This ring forms part of a collection of 760 rings and engraved gems from the collection of Edmund Waterton (1830-87). Waterton was one of the foremost ring collectors of the nineteenth century and was the author of several articles on rings, a book on English devotion to the Virgin Mary and an unfinished catalogue of his collection (the manuscript is now the National Art Library). Waterton was noted for his extravagance and financial troubles caused him to place his collection in pawn with the London jeweller Robert Phillips. When he was unable to repay the loan, Phillips offered to sell the collection to the Museum and it was acquired in 1871. A small group of rings which Waterton had held back were acquired in 1899.