I purchased a gold ring on eBay recently.  You can view pictures of
the same type of ring here (these are NOT pictures of the ring that I
received, as it is not the auction that I won):
http://cgi.ebay.com/ws/eBayISAPI.dll?ViewItem&item=4974163616

When I received the ring, I noticed that there were some black spots
on the ring.  I contacted the seller, and he let me return the ring
and sent me another one.  The second ring that I received has similar
problems -- there are some black spots on it, some black stuff between
the letters that are on the top and sides of the ring, and a few spots
with a dark gray substance (probably just the same black stuff thinly
applied).  Since I've received two rings that have this problem, I
imagine that all of these rings have this problem to some degree or
another.  So I'm not going to ask the seller for another exchange.

Does anyone know what the black stuff is, and if it would be possible
to clean off?  Note that the ring isn't entirely gold.  There's that
green part (not sure what material that is) that surrounds the "G" on
top, and I wouldn't want to damage that.

The ring is also still sealed in its plastic wrapping (although I can
see through it fine).  If the black stuff can't be cleaned off, then I
may just return it to the seller.

Greetings,
If the seller had a second ring, and you found a third on screen
(bidding closed now at $ 285), it would seem that these are fan items
and not collector's items.
The black gunk between the letters is there for contrast.  If it is
somewhere else on the ring, that would suggest pretty sloppy
workmanship, as does - for my layman's eye - the lettering on the side
of the ring.  The green around the G is probably enamel (glass). 
Maybe the ring pictured was cleaned up for showing.
The same seller on March 20 listed another ring, different size, but
the photos look identical.  See also the seller's explanation of
non-ownership. Also 3 day return policy.
Gold content?  None claimed.  If it had enough worth mentioning (? 8,
10 carats - out of 24), it surely would have been noted and the stamp
inside shown on one of the pics.  The effort to provide so many photos
suggests that the seller is planning to dribble several such rings
onto the market.
I would try to return it, but I'm not a Packers fan.

Thanks for the comment.  You're right about the black stuff being
there for contrast.  The manufacturer says it's an "antique finish"
applied with a black lacquer:

http://shop.jostens.com/help/shared/warranty.asp
http://www.ringselect.com/questions.html

It seems you're also right about it not being gold.  There have been
some more auctions for that ring, and descriptions have included "pot
metal" and "non-precious gold tone metal."

Greetings Student,
And thanks for replying.  The seller has expanded his description
since the one liknked to your question, which used the word "gold"
twice in a way that could be understood to mean that the metal was
gold.  Back then, the description also let a buyer believe that he was
maybe buying one of the original rings for the players.

Thanks to your question, I recognized that a young man at my German
sports club was wearing a Green Bay baseball, and mentioned it to him
in passing.  I don't think he knew what the G was for, maybe for his
name ...
Take care,