One Ring

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Three Rings for the Elven-kings under the sky,

Seven for the Dwarf-lords in their halls of stone,

Nine for Mortal Men doomed to die,

One for the Dark Lord on his dark throne

In the Land of Mordor where the Shadows lie.

One Ring to rule them all, One Ring to find them,

One Ring to bring them all and in the darkness bind them

In the Land of Mordor where the Shadows lie.

— — —

The Lord of the Rings, by J.R.R. Tolkien

The One Ring Inscription


Seemingly a plain ring of gold, unadorned and inconspicuous, it nevertheless conceals great power. The master of the One Ring can rule all the Rings of Power at once.

Lore

During the Second Age, the Noldorin Elves of Eregion under the rule of Feanor's grandson Celebrimbor, accepted a stranger into their midst. He called himself Annatar (Lord of Gifts), and seemed a Maia of extraordinary knowledge.
Annatar aided the Elves in the crafting of many magical rings, great and small. However, he crafted a ring of his own, forged in secret to ensnare the Elves of Eregion, and bring them under the dominion of the stranger, but as he slipped it on his finger, Celebrimbor knew him for who he was, Sauron, Morgoth's lieutenant of old.
At the end of the Second Age, Sauron fell in the War of The Last Alliance of Elves and Men. Isildur cut the Ring from Sauron's hand, but he was lost in the River Anduin, and the Ruling Ring was lost with him. The Elves could once again use the power of their Three Rings, as they did through the Third Age.
The One was lost for many years after Sauron's defeat, till it was found by Déagol in the Gladden River and taken by Sméagol, later known as Gollum. It remained with him till it abandoned him only to be found by Bilbo Baggins, esteemed friend of the Elves, and up till recently a well-respected Hobbit of the Shire. Once the One Ring was found again, and Sauron began a quest to retrieve it which resulted in the War of the Ring.
The One Ring cannot be destroyed, even by Dragon-fire, except in the fires of Mount Doom where it was crafted so many years ago. Ultimately, the Ring was destroyed in the place where Sauron had forged it nearly five thousand years earlier. With that, the remaining Rings of Power, including even the Elves' Three Rings, lost the power they had held.