Blue Ring

From Zelda Wiki.org

In The Legend of Zelda, the Blue Ring is a defensive artifact that cuts all damage Link takes in half. It is not as powerful as the Red Ring, which reduces damage to a quarter of its original amount. From the starting point, travel north one screen, west three screens, north three screens, and look beneath the Armos Statues. The Secret Shop there will sell the Blue Ring for 250 rupees. In the Second Quest, it is located in the furthest northeastern corner of the overworld map.

The Blue Ring makes another appearance in Oracle of Ages as one of sixty-four Magic Rings found in the Oracle games. When worn, it keeps the same effect as it had in The Legend of Zelda: Halving all damage Link receives. It can be found under a statue on the island above Ancient Tomb in the Sea of No Return.