The ring is now being auctioned by Christies with an estimated sale price of £25,000 to £35,000.
The finder will split the proceeds half and half with the landowner, under the rules which cover found treasure.
The ring is 21mm in length and contains a sapphire measuring 9.8mm x 7.8mm.
It has a gold mount with engraved figures depicting Saint Elizabeth of Hungary and the Infant Christ.
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