It depends if the SL is in a lozenge. On its own SL 925 means it is silver lined, as in it is plated.
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Sheila fleet by: Anonymous
Sheila fleet from Orkney, solid silver overlaid with white gold.
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925 SL by: Gregory
The 925 denotes that the ring is 92.5% silver. The other 7.5% is other components. So your ring is sterling silver.
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Question about SL ring, ANSWER by: Anonymous
The hallmark is Stetson Lomayestewa, he is a Hopi that specializes in silver overlay. His other hallmark is a star over a half moon. Ref:Hallmarks of the southwest by Barton Wright page #107
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Sterling Silverplate? by: Anonymous
If the front of the ring is made of iron, like you say, it might be that the ring is silverplate. The same process is used for gold electroplating. A thin coating of silver is applied to the item made of base metal by means of an electric current.
Also in the photo it looks like some of the plating is wearing.
