The Stanley Cup ring is an annual award in the National Hockey League given to the winners of the Stanley Cup Finals, a best-of-seven series to determine the league's champion that season. In addition to the players, the team staff and coaches receive rings.
The Stanley Cup ring was established in 1893, when the Montreal Hockey Club won the 1893 Stanley Cup championship. Since that championship, the rings weren't given again until the Ottawa Senators won the 1927 Stanley Cup Finals. The rings are still given to the Stanley Cup champions. There have been cases in which championship teams have not awarded rings to its players, such as the Montreal Hockey Club's second championship (which gave out watches) and the 1915 champions, the Vancouver Millionaires (which issued medallions).
For the last 50 years, each team has designed their own rings. Each ring usually cost between $20,000 to $25,000.