Old ring, but is something missing?

[djm of PA]

Found this very old ring the other day in a wooded foundation dating back to mid-late 1800's. I guess I can't wrap my head around why someone would want to wear something like this......so.......is there something missing do you think? Or am I not seeing the ring for what it is supposed to be? any help is appreciated because I can't stop thinking how ugly this thing is!

 

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[djm of PA]

Link to bigger pics: http://www.treasurenet.com/forums/today-s-finds/340752-first-trip-year.html#post3228904