[Mithadan]

JRRT's two letters on the subject seem to me to be very clear: Sauron took the Ring to Numenor with him and his spirit carried it away after the Downfall.

Two additional points. Of the members of the Fellowship, none perceived that Galadriel possessed an Elven ring except for Frodo (and he recognized it only because he bore the One) and none "saw" Narya on Gandalf's hand. Given the inherent power of the One and he who wielded it, it seems that Sauron could have easily hidden it from the Numenoreans. Second, and I'm trying to recall where I read this (either HoME, Akallabeth or UT), the elves did not reveal the existence of the Rings of Power or the One to men, possibly until the Last Alliance. So the Numenoreans may have been unaware of the One. I seem to recall this being stated in conjunction with a discussion of the origins of the Ring Verses (whether they were elvish or mannish in origin and when they were "written").