Very nice patriotic ring (not official military).
I believe the 'W.L.' is for Walter Lampl Inc. of New York City, founded in 1921. The company produced a number of patriotic rings during WWII including one that had “Remember Pearl Harbor” on it (patent applied for 29 days after the Japanese attack). Also ‘sweetheart’ jewellery charms, mostly worn by women whose loved ones were serving abroad.
Here’s a ring with a very similar design to yours, but in Sterling silver, which carries Lampl’s July 1943 design patent number (applied for in 1942):
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Lampl died after suffering a heart attack at the company’s employee Xmas party in 1945 but the business continued with his wife Sylvia at the helm until Walter Lampl Jr. returned from military service a few months later to take over. It remained a family-owned business until closure in 1959.
Lampl’s original mark was ‘WL’ in fancy script lettering, but I don’t know when the plain letter ‘W.L.’ mark might have first been used. It might be post-war and relate to Walter Junior.