That is a beauty. That is hand scrolling on it, I believe. I can't make out exactly what it is or if its a word but that is a real beauty. Any more marks from the inside? If not I would think its a handmade piece.
Based on the size, I think you may have a silver napkin ring, with a monogram of L A ? engraved on the outer rim. May even be Victorian era! Great find, Sub