A ring of forging is made by enchanting a ruby ring using the spell Enchant Level 3 Jewellery. When equipped, rings of forging decreases the amount of iron ore to smelt an iron bar from two to one. The bonus applies when smelting iron ore in a furnace or when using Superheat Item.
After smelting 140 bars, the ring will disintegrate. The rings themselves do not carry charges; rather, the charges are associated with the player's account. Any player with multiple rings of forging can smelt 140 iron ore, regardless of which ring they wear, and whichever ring is worn on the 140th ore will disintegrate. This is useful in New Varrock, since rings of forging are hard to replace in the alternate dimension.
It currently costs about 12.7 coins for every iron ore smelted with a ring of forging.
Operating the ring from the Worn Equipment menu will show the number of bars that can be smelted before a ring disintegrates. If wearing the Varrock armour and smelting in Edgeville, there is a chance that two ores will be smelted instead of one, the ring will only lose 1 charge in this instance.
Each use of the ring of forging costs 13 coins.
Using a charge will save you 421 coins.
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For an exhaustive list of all known sources for this item, see here