The One Ring is a central plot element in J. R. R. Tolkien's "The Lord of the Rings" (1954–55). It first appeared in the earlier story "The Hobbit" (1937) as a magic ring that grants the wearer invisibility. Tolkien changed it into a malevolent Ring of Power and re-wrote parts of "The Hobbit" to fit in with the expanded narrative. "The Lord of the Rings" describes the hobbit Frodo Baggins's quest to destroy the Ring.

The One Ring was forged by the Dark Lord Sauron during the Second Age to gain dominion over the free peoples of Middle-earth. In disguise as "Annatar", or "Lord of Gifts", he aided the Elven smiths of Eregion and their leader Celebrimbor in the making of the Rings of Power. He then forged the One Ring in the fires of Mount Doom.

Sauron intended it to be the most powerful of all Rings, able to rule and control those who wore the others. Since the other Rings were powerful on their own, Sauron was obliged to place much of his own power into the One to achieve his purpose.

Creating the Ring simultaneously strengthened and weakened Sauron. With the Ring, he could control the power of all the other Rings, and thus he was significantly more powerful after its creation than before; but by binding his power within the Ring, Sauron became dependent on it.

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