This  ring bit probably dates from the early 0th century.

The iron or steel mouthpiece has a dark patina. It has an ornate high port with one large and two small rollers.

A circular ring hangs from the top of the port.
The bit has large silver bosses with engraved decoration on each side of the mouthpiece.

The cheeks are curved
There is a rein bar attached to each cheek .

A flat silver plate or pontezuela hangs under the bit. This is hinged,

It is decorated with three flowers, and the initials "M.L" - probably the initials of a previous owner. There are no  maker's marks or stamps

It is probably Argentine or Uruguayan.

Mouthpiece 11.5cm (4½")
Cheek bosses  10cm (4")
Ring 10.5cm (4¼")

Weight 1.22kg (2lb 11oz)