Congratulations peteguy - a great find! The band is indeed in Cirth and translated says FRODO.LOTR when read from the button end. It presents to the smoker. The interesting thing is that Leaf Sniffer, the authority in the OldToby.com link you show who has the entire collection - including an unproduced prototype - shows this shape as a Bilbo. Since the runes on the ring are quite possibly the same as yours and are definitely not Bilbo in Cirth, it appears he made a mistake.
Andy