I have no idea as to how the ring didn't perish with Isildur. Perhaps he had given it to his heir. But it seems the ring was kept by the Kings of the Northern Kingdom.
The Appendix says it was given by Arvedui Last King to the Snowmen as thanks for food and shelter. Later the ring was ransomed by Dunedain and kept in Rivendell.
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Где найти мне сил, чтобы вернуться через века,
Чтобы ты - простил?..
А трава разлуки высока...
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