TSH: Ted, rings, ghosts
By the time Bax was beaten by Ieuan, he had both the opal ring from the fish and Ted's ring. At that point he knew nothing at all about any hypothetical previous owner of the opal ring, and only what little Doris had told him about Ted. He didn't know then what Ted looked like. When writing about it, Bax decided that the big man who came between him and Ieuan must have been the boy's father, but that is not what he thought at the time of the beating: "At the time, because of his ring, I thought him something else; . . ." (50)
That "something else" must have been a ghost. It must have been that the big man was wearing a ring identical to the one on Bax's finger, the ring Doris had given him that had belonged to her dead husband.
Bax, at least, did not believe that a ghost could leave behind real, tangible objects. In talking to Doris, who had asked if he had seen any ghosts, he mentioned his first encounter with Emlyn. "I didn't make it up, and he wasn't a ghost. I know he wasn't because he dropped things. Real things. I still have them." (36) He meant, of course, the triannulus and "longlight".
Now a digression to an earlier topic. The text makes clear that Ted was a big man, taller and heavier than average Bax, and Black/Skotos was a small man, shorter than Bax. However, in later conversation with Emlyn, the boy asked Bax if he might be his father in disguise. Bax said no and asked if his father could disguise himself that well, and the boy said yes (161).
And that brings me back to Doris's bedroom and her visit by Ted. According to her, Ted's apparition had left behind an unspecified tangible object, with his initials in a corner of it. I think someone wondered earlier if the object might have been the triannulus. It seems doubtful, yet I can't rule it out. And if Zwart could really have disguised himself to look like Bax, then he might as easily have disguised himself to look like anyone, even Ted. And that opens up a whole can of worms.
Doris might not have said what the wet item was because she didn't know what it was. And the Ted she saw might not have been a ghost. Winkle/Winker and old Nick seemed to come and go as if by magic, as well as other figures from faerie.
Neither does any of this preclude Ted from somehow being Goldwurm.
If it seems as though I am pointing in different directions at the same time, it is because I am. I'm just trying to make sense of what there is to deal with.
-Roy