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From Terraria Wiki
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The Gold Ring is a Hardmode accessory that rarely drops from enemies exclusive to Pirate Invasions, with the exception of Parrots. It has a 0.4% drop chance from the Pirate Captain and a 2% drop chance from the Flying Dutchman; every other enemy has a 0.1% 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 similar to the Celestial Magnet.
- This can be useful for picking up dropped coins from flying enemies, collecting coins from a mob farm, and more.