The above ring is extremely rare being the only known example decorated with the letter 'S' as found in the famous 'collars of SS', thus linking it with the insignia used by the House of Lancaster (Henry IV-VI). The adoption of the 'S' motif appears to date from John of Gaunt's time (d.1399) but appears most frequently during the reign of the Lancastrian kings, and is again revived for the Tudor collars of Henry VII and Henry VIII. The exact interpretation of the letter 'S', used in a decorative way, has long been subject to debate. It has been variously interpreted as standing for 'Senechallus' (John of Gaunt was Seneschal or High Steward of England) or 'Sanctus', a word indicated by the letters 'S' that adorned religious vestments at the period. Other explanations link it to 'Souvereyne', a word inscribed on a seal used by Henry IV when Earl of Derby in 1385 and which is mentioned in surviving accounts from the king's jewellers. One such document, now in the Public Record Office, mentions "...a collar of gold made for the king with twenty-four letters of S pounced with 'Soverain'", and another dated 1407 is for supplying "...a collar worked with this word 'Soveignez'". An even earlier entry (1396-7) records a collar of 'esses' which incorporated the words 'soveigne vous de moy', providing another possible interpretation of the letter. The above ring would appear to be the only one known, but there is evidence from funeral effigies and brasses of the period that many 'collars of SS' existed. Regulations governing apparel during Henry IV's reign stated that 'All the sons of the king, dukes, earls, barons and baronettes, might use the livery of our Lord the King of his collar as well in his absence as in his presence'. Knights and esquires were only to wear it when in the king's presence which is an interesting insight into feudal allegiance. Despite the widespread use of identifying livery at this period very few pieces have survived. Amongst them is the 16th Century gold 'collar of SS' bequeathed by Sir John Alleyne to his successors as Lord Mayor of London and still in use today, and the 'collar of SS' presented to the Mayor of Cork by Queen Elizabeth in 1571. Most recent discoveries include a mid-15th Century silver 'collar of SS' and a pewter letter 'S', both found on the Thames foreshore and now in the Museum of London, so the above ring is a fascinating and previously unknown addition to the Mediaeval insignia of the House of Lancaster

The adverb 'Sovereynly' could be interpreted as meaning 'in a lordly manner' or 'in a supreme manner'. The ring, which would have been a very grand object in its time, is likely to have belonged to one of the more aristocratic members of the royal belonged to one of the more aristocratic members of the royal
court of the House of Lancaster in the 15th Century