Perhaps these kind of rings where popular among soldiers?

side......

side two.......

front-side....

Backside with mark

Benten, years ago I was watching a dig in East Europe. I was showed this ring directly as it was pulled from the cleaning bucket afterwards.. Thought I was getting it,,but one of the diggers needed it for his collection. My translator wasn't there but as I understood it had something to do with Latvia. A fairy tale,,unit emblem,,martial symbol etc.

A few years later I've even seen poor quality reproductions. As obscure of a ring it may be EVERY original pattern WW2 period ring has been reproduced!
A small photo but heres wax models of a Hitler head and Owl rings from out of a rubber mold ready for casting.

Remembering what I've seen years ago, yours appears to be the same pattern and looks like a good one. It doesn't look like a pockmarked /flawed/false aged piece.
It shows honest worn details and at one time was a quality piece of sorts....
Maybe its the photos but it looks very small size, yes?
Can you find a joining / size seam to the back of the band?

Gaspare,
Thank you for your interesting info and picture.
I think the ring is molded.
About the size; as you said, it’s partly the photo; you always get a compression of the image when you use some manifying with the camera. It makes the ring looking smaller and thicker.
The size of the ring however is small; 16mm inside diameter . Weight is 7 grams.

Here a close up.

There are two places that could have a seam after resizing smaller; because of the two little soldering holes on two places on the inside backside .
Perhaps one is the original seam , the other after resizing.

On the same spot at the outside middle, only on that spot , are file traces, imo to correct the outside shape of the band after the resizing .