many are the 'named', apparently special, items in the game. far more often than not, they are minor in power or benefit and the stuff you find in chests, monster drops and BF merchants is considerably better.
if they don't describe anything unusual in their quality, then they are just what they state - in this case, a ring with AC1.
just recognize that simply becuase an item(s) has a name or is part of a set doesn't make it 'special' (which is not quite intuitive).
