John Hardwick, of Inns Lane in South Wingfield, unearthed the finger ring during a dig in the parish of South Wingfield in May 2007.

The late 14th Century ring, which is in the shape of a garter, was declared to be Crown treasure at an inquest in Chesterfield.

Mr Hardwick told the inquest: "It was my first find. I think it belonged to someone from an upper- class family. This subject will keep me going for the rest of my days."

The ring, which had a broken buckle, bore an inscription meaning 'All for the better', which is similar to one already in the British Museum's reserve collection.

Mr Hardwick said Derby Museum was interested in displaying his exciting find.

It will now be valued by the British Museum. This amount will then be divided equally between Mr Hardwick and landowner Joan Sykes, who had given consent for him to excavate a site on her land.

North Derbyshire Coroner Dr Robert Hunter said: "Any finds on land belong to the Crown and, for the last 700 years, coroners have been obliged to hold inquests into treasure.

"If an item is more than 300 years old or contains 10 per cent gold or silver it is treasure and I find this ring to be treasure."

Dr Hunter said the exact location of the find should not be made public, to prevent the area being invaded by people with metal detectors.

He added: "Most people don't realise that they have to report their finds."