The Ring of Dispel is a magical ring imbued with the power to cancel out magic and enchantments. It was entrusted to Aunty Greenleaf for safekeeping, but over time it lost its power. After his affair with Lily is discovered and he is suspected of her murder, Ichabod Crane goes to Greenleaf in order to get the ring and use it on the girls working at the Pudding & Pie in order to prove his innocence. However, the ring doesn't work, and Crane is arrested by Bigby and Snow.
Book of Fables Entry
Reputed to be fashioned by a Byzantine clan in an attempt to ward off a coven of witches, the Ring of Dispel (or Dispelling Ring, or Magic-Canceling Ring) eventually was given to Lancelot by the Lady in the Lake. Recovered by the Business Office after the emigration to New Amsterdam, it was assigned to Greenleaf for caretaking.