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The One Ring, also called the Ruling Ring and Isildur's Bane, is a central plot element in J. R. R. Tolkien's The Lord of the Rings (1954–55). It first appeared in the earlier story The Hobbit (1937) as a magic ring that grants the wearer invisibility. Tolkien changed it into a malevolent Ring of Power and re-wrote parts of The Hobbit to fit in with the expanded narrative. The Lord of the Rings describes the hobbit Frodo Baggins's quest to destroy the Ring.

Critics have compared the story with the ring-based plot of Richard Wagner's opera cycle Der Ring des Nibelungen; Tolkien denied any connection, but at the least, both men drew on the same mythology. Another source is Tolkien's analysis of Nodens, an obscure pagan god with a temple at Lydney Park, where he studied the Latin inscriptions, one containing a curse on the thief of a ring.

Tolkien rejected the idea that the story was an allegory, saying that applicability to situations such as the Second World War and the atomic bomb was a matter for readers. Other parallels have been drawn with the Ring of Gyges in Plato's Republic, which conferred invisibility, though there is no suggestion that Tolkien borrowed from the story.