It's been said that Captain Davis Jonah, whom his crew admiringly renamed Captain Davy Jones, set sail on the eve of a Friday — brazen against superstition, with ego big enough to fill the ships sails into open waters.
Leaving port, he & the small crew headed towards the brightest red sunset the crew had ever seen. But as soon as that sun dipped below the horizon, the Great Sea tossed and turned, wild and powerful — intent on showing them superstition ought be heeded for good reason.
As the ship's keel broke, as the boards on the bow begin to peel away like weeds, the Captain & crew fought like pure hell, so much so that they summoned The Devil himself, who struck a deal that he would beat the sea, and the crew would live — but live forever, at the bottom of the ocean, as his Oceanic Reapers to pull down any sailor who was as brazen as he had once been.
The Pirates of Legend are rumored to wear this ring, to remind them of the very real danger in tempting The Sea. To remind them of the forever fate... of Davy Jones' Locker.