it does appear to be a fraternity ring.I would be very surprised to learn it is lead.my advice follows....
1)purchase a metals testing kit...amazon has em cheap...get the one with all the acids,loupe,diamond tester,scale etc.
2)go to a paint store and get a lead test kit
3)go to cvs or the like and get a nickle test kit(its for allergic reaction folks)
If ya gonna treasure hunt you need to be able to know what ya got...you will thank me I guarantee you
happy huntin