This ring was a simple band of a strange blue alloy, it was invisible when worn, it imbued the wearer with immortality by preserving the body in a semi-decayed state, and allowed its wearer's spirit to remain in wraith form. 

A Dwarf known as Miffli, found this item and wore it. It preserved his life and also allowed him to command the spirits of his fallen comrades. The origins of this Blue Ring were unknown, but some have hypothesized that it was one of Sauron's early Binding Rings

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