The One Ring was forged by Sauron in the fires of Mount Doom, and was considered the center of the war consuming Middle Earth at the time. Its powers would restore Sauron from being a single fiery eye on a tower in Mordor, and so it had to be destroyed.
The One Ring Edit
How it Came to Be Edit
The One Ring was forged by Sauron at the same time as the rings forged for the Dwarves, the Elves, and the Men. While those rings were meant as gifts to the races, Sauron forged another ring in secret, the One Ring, to control all the others and gain power over Middle Earth.
What it Does Edit
The Ring-wraithes were created by the power of the One Ring acting through the nine rings given to the Kings of the Men. It corrupted them and turned them to its cause, dominance over Middle Earth. The Elves and the Dwarves were not affected by its power though; Men were the most easily corrupted.
The One Ring has a mind of its own, and constantly tries to get back to Sauron. It can turn people invisible, as seen with Frodo Baggins and Bilbo Baggins, can change its size to fit the finger of the wearer, and slowly takes over the mind of its bearer, usually causing people to call it my precious and covet it greatly.
The Band Itself Edit
Along the band of the One Ring is ancient script, written in the language of Mordor, and is only revealed by fire. It says, "One Ring to rule them all, One Ring to find them, One Ring to bring them all, and in the darkness bind them."
Its Possessors Edit
The One Ring was originally forged by Sauron, but it was cut off his hand at the final battle by Isildur, Lord of Gondor. Isildur was later slain while wearing the One Ring on a chain around his neck, and the One Ring escaped into the river he had fallen into. It stayed there for more than two millenia, only to be found by accident by one of the river folk, Smeagol, who later became known as Gollum. Gollum kept the One Ring in his possession for five hundred years, untill Bilbo Baggins stumbled upon it trying to escape Gollum deep in the cave of the trolls on his way to defeat the dragon. Bilbo Baggins kept the ring in his possession from that time till his 111th birthday, when he passed it onto Frodo Baggins at Gandalf's cajolling. Frodo Baggins was the last possessor of the One Ring, as he was the one to destroy it in the fires of Mount Doom.