“Several reasons have been given for thumb ring usage by men in historical times. - Historically, there have been archers' thumb rings made by the Chinese, Manchus, Indians, Turks, and Persians. They were worn on the thumb of the left hand to protect it from injury by the bowstring after the discharge of the arrow. In China, they eventually became the insignia of military rank, and were of jade or a glass imitation of jade. The tridition spread across the far east, and thumb rings became like a badge of status - the bigger and more ornate they were, the more powerful a man you were. - in medieval Europe the thumb ring was often used as a "seal" ring, as it could be made larger than rings for the other fingers and hold a bigger, heavier seal for impressing on the hot wax. - In the sixteenth century in Europe it was customary to assign rings according to the work done by the wearer, and wearers of thumb rings were known to be doctors. (This had the added benefit that you could tell someone's general profession just by shaking their hand!) - thumb rings even get their own Shakespeare quote "Hal, I could have crept into any alderman's thumb-ring" brags Sir John Falstaff in Henry IV (and I have found a citation that states that Shakespeare himself wore a thumb ring, but that's outside the scope of your question) - In India the larger thumb-ring or arsi with a circular mirror was worn from the late 16th to the mid 18th century during the reign of Shah Jahan as a symbol of opulence and other thumb-rings are shown in art from the time, exquisetely carved in the finest examples of Mughal Jewelled gold. In palmistry the thumb is seen as the willpower finger. The Venus Mount at the base of the thumb symbolizes vitality and sexuality. The separation of the thumb from the rest of the fingers represents mankind surrounded by the cosmos. So, to the "flower power" movement in the Sixties, and through to the current "New Age" movement the wearing a thumb ring emphasizes the insistance of freedom of thought and action. The more prominently the thumbs are displayed, the more important is independence and freedom.”
-willie-ga, http://answers.google.com/answers/threadview/id/62845.html