Pope Francis’ renowned gold signet ring, worn on his right hand, is set to be destroyed following his passing at the age of 88.

Born Jorge Mario Bergoglio in Buenos Aires, Pope Francis passed away at 7:35 AM local time on Easter Monday (April 21) in his modest Vatican quarters. True to his humble nature, the pope had famously opted against the traditional papal residence, forgoing the grandeur of the Apostolic Palace upon his election in 2013.

The cause of death was confirmed as a cerebral stroke, which led to a coma and irreversible heart failure. As the Catholic Church moves forward with funeral arrangements and commemorative rites, attention has turned to the iconic Fisherman’s Ring that Pope Francis wore during his papacy.

Estimated to be worth approximately $520,000, the true significance of the ring lies far beyond its material value. As a symbol of the papacy, the signet ring represents the pope’s authority within the Catholic Church.

Traditionally, the ring is gifted to a newly elected pope and destroyed following their death. This ritual is carried out by the camerlengo (Cardinal), who, in this case, is Cardinal Kevin Farrell. The destruction serves to ensure that the ring cannot be misused after the pope’s death, as it was originally designed as a seal for the pope’s personal letters, though it now holds ceremonial importance.

The destruction of the ring and its accompanying bulla (papal seal) takes place in the presence of the College of Cardinals following official confirmation of the pope’s death, just before the papal conclave begins to elect a new pope.

The process of electing a new pope typically spans 15 to 20 days from the time of death.

In a statement announcing Pope Francis’ death, Cardinal Farrell said, per Sky News: “Dearest brothers and sisters, with deep sorrow, I must announce the death of our Holy Father Francis. At 7:35 this morning, the Bishop of Rome, Francis, returned to the home of the Father.

“His entire life was dedicated to the service of the Lord and of his Church. He taught us to live the values of the Gospel with faithfulness, courage, and universal love, especially for the poorest and most marginalized.

With immense gratitude for his example as a true disciple of the Lord Jesus, we commend the soul of Pope Francis to the infinite, merciful love of God, One and Triune,” he concluded.