This is patriotic ring from 30ies, nothing to do with ww2. In Latvia before ww2 swastica was used both ways. For example Latvian Sea/Maritime airforce.
Taken from here: http://herbertcukurs.blogspot.com/2008/11/latvijas-aviacija.html

Aviac�o leta-44.tif.jpg (41.13 KB, 161 downloads)
Last edited by hapur; 01/20/2016 06:15 PM.

There are less original rings than you think, much less...

www.totenkopfrings.com