The small bronze ring was the ring of lies.
It granted the wearer of the ring a powerful ability, the power to always be wrong. Essentially, the ring alters reality itself in order to make any statement by the wearer of any question inverted.
If the wearer were to say, for example, that men usually ask women out, then reality would change so that women usually ask men out on dates. Or if the wearer says that the allies won world war 2, then the wring will make it so that they had lost. The ramifications will be anywhere from practically unnoticeable to life changing.
Also, questions are always inverted so that the wearer is wrong. If the wearer asks, for example, his friend if he's free for today, and the answer would be yes, then reality will change so that the friend isn't free. Or if he asks his mother if her favorite how is Breaking bad, and she say isn't a fan at all, then she'll suddenly become the show's biggest fan and reply with a resounding yes.
What's also important is that while the ring laters reality to make the wearer a liar, nobody will notice the changes. By that extent, if someone were to wear the ring on their right hand, then they would be unaware of the changes like everyone else. If the wearer puts it on his left finger, however, then they will be able to realize that things are changing.
The ring sat there, magically enchanting as per usual. Whenever it was not worn, it constantly created a small spell which made it appealing, and made those nearby want to try it on.