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As I recall, he had his suspicions from the outset. But, as he says, many Elven Rings were made, some more powerful than others. What were the chances of this being the One Ring? And he had to be sure before taking any precipitous action. Which is why he spent most of the intervening years trying to make sure. In the meantime, he couldn't risk taking it into his own keeping or trying to dispose of it. At least while it was with Bilbo, he knew where it was.
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Many elven rings were made. Well, he could disregard the 3 elven rings from Galadriel, Elrond and the one he had. Also, he could disregard those from the Ringwraiths. So that leaves us with those from the dwarves (7) and the One Ring. From those 7 dwarven rings, he knew that one of those was recovered or destroyed by Sauron when Gandalf paid a visit to the Necromancer. So that leaves us Six (6) rings.
Bilbo had the Ring in the shire in 2942 TA. It is in 3001 TA where Gandalf suspects that it might be the One Ring. There is a lapse of 59 years.
The chances of Bilbo's Ring being the One Ring is: 1/7. So your point is that he spent those 59 years in trying to find out more about Bilbo's Ring? I'm sorry but that is just plain incompetence.
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What do you expect them to have done? Thrown Isildur into the fire? (There is a thread on that somewhere.)
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When Isildur was killed, how many search parties were involved in looking into his remains or those of the battle? How come that Saruman was able to find so many things in there?
To me their actions was like: Hey Isildur took the Ring, oh well.