Imperial gifts in precious metal were often presented on special occasions, such as accession to the throne, anniversaries and the New Year. This ring is clearly inscribed as a New Years ring presented by the Emperor Constantine the Great. Most of the rings of this type were gifted by the emperors of the early 4th century to reward soldiers and military officers, perhaps to ensure loyalty. The great majority of these have been found in the Western Empire. See Johansen, "Rings, Fibulae and Buckles with Imperial Portraits and Inscriptions," AJA, Vol. 7, 1994.