Gold Ring

The Gold Ring is a Hardmode accessory that rarely drops from enemies exclusive to the Pirate Invasion, with the exception of Parrots. It has a 0.4% (1 in 250) drop chance from the Pirate Captain and a 2% (1 in 50) drop chance from the Flying Dutchman. Every other enemy has a 0.1% (1 in 1000) chance to drop it.

Equipping the Gold Ring increases the player's coin pickup radius to 25 blocks, instead of the normal 3 block radius. This item works similarly to the Celestial Magnet, Treasure Magnet and Heartreach.

Tips

 * Farming Lucky Coin/Discount Card/Coin Ring is most efficient from Flying Dutchman, rather than from common pirates. After getting event progress to 50%, you can ensure 10 Flying Dutchmen per event by getting high enough above ground (using small platform or flying mount), but not too high, so that spawned enemies will be in "Active Rectangle" and will despawn after 12.5 seconds, and then spawn again. Until Flying Dutchman eventually (usually it takes a short time) will spawn. After killing it, repeat the process till event ends. Parrots could reach you this way too, but you can kill them safely, they do not count towards event progress.
 * This item and its upgrades can be useful for mining large areas, as they help prevent the buildup of excess coins.

Trivia

 * The Gold Ring is visually very similar to the Diamond Ring. While the Gold Ring's gems have a slightly blue hue and the gem in the middle has small golden spots on the side, the Diamond Ring consists of completely white gems.