I have one watch where the ring is for minutes, but another one where the ring is set to degrees (0-360). The minute one doesn't turn very easily, so I think it's mostly for decoration. The degrees/compass one spins around and clicks, I mostly just use it for something to do besides twirl a pen or drum my fingers when I'm in a meeting.
Would be interesting to find out what the hell it's for though.
/me fires up google
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It was like that when I got here....I swear.
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