There is some kind of scratch mark next to the iota, it’s probably just damage of some sort.
I must have looked at the picture a dozen times before I figured out how to make sense out of it by going clockwise. And the article says the ring spells out “Pilatus” which added to the confusion.
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Speaking of this, one other excellent FReeper earlier mentioned that this ring's discovery may be bad juju.
Only because I love this relatively new Steeler football player and it's a nice play on words, may I add:
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Here is some 'good juju'.
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Juju Smith-Schuster