A class ring (also known as a graduate, senior, or grad ring) is a ring worn by students and alumni to commemorate their graduation, generally from a high school, college, or university. _Wikipedia
Class rings were commonly exchanged in the 1950s and 1960s to commemorate a promise of going steady. These were usually high school rings but this was also practiced by college students. Girls would wrap the bands with thick layers of colored yarn in order to make the larger men's rings fit their own smaller fingers or they would wear them around their necks on a chain. Some men wore their girlfriend's ring on their pinky finger but most men did not wear the girl's class ring, considering it too effeminate.