PUZZLE NAPKIN RING !?

Marked "Made in England E.P.N.S.". EPNS stands for Electro-plated Nickel Silver, so it is unlikely to be 100 years old. It is decorated with the famous 3 x 3 Magic Square which makes us think it belongs in The Puzzle Museum. It is also decorated with strange "writing" which for about 7 years no visitor has been able to decipher. Can you ????

2005