The letters IHS on the bezel of this ring are an abbreviation of the name of Jesus and are often seen on jewellery. IHS, also known as the Sacred Monogram was particularly used from the twelfth century when it was venerated by St Bernard of Clairvaux. The letters can also be read as 'Iesus Salvator Hominum' which translates as 'Jesus saviour of humanity'. IHS was used as a charm against sudden death. Rings bearing the letters IHS or the names of Jesus and the Virgin were very popular items of medieval jewellery. When captured by the English at Compiegne in May 1430, Joan of Arc was wearing a ring with these inscriptions.

The crescent shape of the bezel is unusual. It may be imitating the irregular bezels used to set cabochon gemstones but could also be linked to the Virgin who is sometimes shown standing on a crescent moon. The names Maria and Johannis engraved on the hoop may refer to the Virgin Mary and the evangelist St John but could also be Christian names related to the ring’s owner.

It 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.