The ring is to be offered as part of a sale of jewellery, watches, silver and objects of vertu in a live online auction on 22 September.
Noonans’ consultant Nigel Mills said it has a carnelian intaglio engraved with the image of a griffin and its inscription was believed to give a clue to its original owner.
The words “GRIFFVnMATILIELEMATILIOVR” are inscribed on the ring and may be translated as ‘griffin Matilda the maternal countess’, which could suggest the ring belonged to Matilda of Lancaster, who became countess of Ulster.
In 1347-8 she became a canoness of the Augustinian Campsey Priory, near Wickham Market – about 20 miles from where the ring was found.
The two friends declared the ring to the local finds liaison officer to be recorded and will split the proceeds of sale with the landowner.
They plan to spend their portion of the money on a new detector and home renovations.
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