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Information between the UESP pages and official Elder Scrolls wiki is inconsistent. UESP says each of the rings can be caught with a small chance after all the fish have been caught at any given spot while the official wiki seems to say that specific rings are only found at specific fishing spots. However based on my testing, it would seem that rings are tied to a specific fishing spot but are random with every save.

For example, the Elder Scrolls wiki says that the Ring of Phynaster can only be caught at the fishing spot at the entrance to South Brittleshin Pass (the text of the article seems to imply this spot is IN Brittleshin Pass although I found no such location). However I caught this ring at the spot at the Entrance to Bronze Water Cave while the Ring of the Wind was caught at the South Brittleshin Pass spot. UESP of course makes no mention of specific locations where any of the rings may be caught including the two I've mentioned.

So what exactly is the deal with these rings? Are they only ever caught at a specific location? Are the rings only ever found in specific locations but the ring found is random? Are the chances just completely random and I could theoretically get every ring from one spot? The rings come up fairly quickly when I'm in the "right spot" as in less than five minutes of fishing to catch the ring. That's not always the case though so it's hard to judge exactly what is the "right spot." My testing implies that rings are bound to specific locations but the ring found is random AND that there is one ring per hold.

There is no official Elder Scrolls wiki.