Rulers, both secular and religious, often gave objects engraved with their image such as rings and medallions to people they wanted to reward, or to acknowledge a particular service. These would be worn with pride as a sign of the wearer's political favour and connections. The gold medal set under a crystal in this ring shows Pope Innocent XI (1611-1689), a reforming Pope who attempted to curb nepotism and corruption at the Papal court. The 19th century owner of the ring, Edmund Waterton, held offices in the papal court and was an ardent Catholic. The association of this ring with the Pope would have brought him particular pleasure.

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.