That is the one thing that struck me most about this ring. With the exception of the tales concerning Turin and his kin, it's history wove a path through most of the major events that occurred in the Silmarillion. I was really pleased to see Aragorn was wearing it in the film.Of course this could also be the framework upon which to hang the entire Silmarillion.
As far as I know, the ring does not have any magical properties, it's value being in its heritage alone. That is most probably why Sauron did not try to get of of it.
This is a thing of worth beyond your reckoning. For it's ancientry alone. It has no power, save for the esteem in which those hold it who love my house. It will not help you, but if ever you are in need, my kin will ransom it with great store of all that you desire.
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