It's supposed to be a coin purse on the ground of the riften sewers and I've basically turned the whole damn place upside down trying to find it with no luck, please help
I know this is an old comment but just in case you still looking for it. if you have "legacy of the dragonborn" or "More interesting loot" the ring is now in Mercer Frey's basement.
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I can't find the Ring of the Gray (2 comments)