The medieval discovery, still in mint condition, was unearthed at a site in Moray on Sunday – and first thing on Monday morning factory worker Mr McPherson was at Elgin Museum to hand it in.

"I knew it was far too valuable to even think about keeping, and it is part of Moray's history which I want to share," he said.

The ring, which is likely to have belonged to someone high up in the church or someone with a title, has been declared as treasure trove and will now be assessed by experts at the National Museums of Scotland, but Elgin Museum is hoping to lay claim to it so it can go on display there.

The site of the find is being kept secret but has already thrown up multi-period finds, including Roman pieces and old coins, dating from Alexander I in 1120 to Edward I.

Museum curator David Addision described the ring as being extremely rare.

"It is made from Scottish yellow gold with a leaf design and the stone is almost heart shaped. It would have belonged to someone quite important, such as someone religious or even royal. It's a man's ring and would have been worn on the little finger," he said.

Mr McPherson, who lives in Bishopmill, has been a keen metal detectorist for 16 years and many of his finds already fill the cabinets at Elgin Museum, at the end of the town's high street.

He said: "I was out at the site and had just come across a top from a lemonade bottle. When I saw the gold outline I thought it would be another one but then realised it was a ring.

It's not a case of finders keepers for Alistair McPherson, who unearthed a 12th century ring, but he is hoping the treasure can go on show at Elgin Museum. Eric Cormack (NS)

"It was about six or seven inches down and when I got it I tried it on for size. To me it is absolutely beautiful and I was tempted to keep it, but it is not the value of it which matters, it is the history which is important. I don't think anyone else has found one like it."

Mr McPherson has worked closely with Elgin Museum over the years and through the independent museum has been able to secure permission from landowners to carry out his searches into Moray's past.

While some of his smaller finds are on show, such a discovery as the ring had to be declared treasure trove. It will be valued and museums will then be invited to bid for it to secure it for their own display.

Mr Addison believes objects found in Moray should remain on show in Moray whenever possible.

"We are hoping that the continuing story of Moray can develop and that are position will be looked on favourably," he added.

Mr McPherson is no stranger to digging up Moray's past and in 1998 unearthed an incredibly rare Bronze Age sword from a site near Lhanbryde.

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