Roland and Elaine Erwin, who have been living in their Portales home for 37 years, said they discovered the ring recently in the yard of the house, which previously hosted the Phi Kappa Phi fraternity at Eastern New Mexico University, KROE-TV, Albuquerque, reported Monday.
The Erwins contacted ENMU officials, who used the initials engraved on the ring to identify its owner, Richard Holloway, a 1973 graduate.
Holloway, who said he didn't even realize he had lost his ring, will be sent the item in the mail, the university said.
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