What does Wile E. Coyote have to do with the One Ring? Consider the words of Gandalf in The Shadow of the Past:
It was not Gollum, Frodo, but the Ring itself that decided things. The Ring left him....
The Ring was trying to get back to its master. It had slipped from Isildur’s hand and betrayed him; then when a chance came it caught poor Déagol, and he was murdered; and after that Gollum, and it had devoured him. It could make no further use of him: he was too small and mean; and as long as it stayed with him he would never leave his deep pool again. So now, when its master was awake once more and sending out his dark thought from Mirkwood, it abandoned Gollum. Only to be picked up by the most unlikely person imaginable: Bilbo from the Shire!
- The Ring leaves Isildur as he is swimming across a great river, at the bottom of which it remains lost for 2,500 years.
- Discovered by Déagol, it is taken from him by his murderer, Gollum, who hides in the dark beneath the Misty Mountains with it for another 500 years.
- Finding Gollum no longer useful -- after 500 years in the dark beneath the Misty Mountains -- it fell out of his pocket to lie on the ground in the same dark beneath those same Misty Mountains, until someone should happen by to pick it up.
And, yes, Wile E. Coyote does look like he's holding onto a finger.