Hi Gary yes the metal content of the smallish ring could indeed be gold if the lion is walking forward - Lion Passant. Keep in mind that a hallmark (Lion Passant) is just an indication of the metal content, a guarantee of purity or quality, which may include a maker's mark and other marks. Makers' marks alone are not considered hallmarks.
Hallmarks are most often found on precious metal objects. When a piece of jewelry is hallmarked, the marks can yield clues to country of origin and, sometimes, date of manufacture, as well as indicate the metal content of the piece.
The point is: "From 1544 the standard mark was changed to a Lion Passant, a Crown was introduced in 1798 for 18 carat gold and from 1844 the crown was used for both 22 and 18 carat standards." After 1822 the Lion Passant (walking forward) ceased to be guardant.
The other alternative is that the ring IS gold over silver. Many rings from last quarter of the century were marked "SOLID GOLD" when they were not. Some are "rolled-gold" or "gold-filled".
You could test it yourself and also determine the gold composition. I've always found the Mizer 24 to give accurate readings.
It sounds like you have discovered an interesting antique ring, under all that tarnish, take care how you clean it, particularly the antique stones..
