One side looks a lot like a hat. That would be very uncommon on a ring but would be another reference to the master of the lodge. The other is highly worn also, but I'd guess it was a gavel. Also a reference to the master of the lodge. Somebody was very proud of their status as a former Worshipful Master of a lodge. You will get more for it if you can sell it to a Mason, however, you would basically be looking to sell it to another past master. (Others aren't allowed to wear them.) Past masters are more common than you might think. Most men only serve one year as master of the lodge. Generally, each year you gain one more past master at each lodge.