A Lesser Protection Ring, or LPR for short, gives 5 extra Armor Rating to the wearer.
A sturdy golden band marked with a single ruby, the LPR is the weakest protection ring, giving less Armor Rating than the Medium Protection Ring (MPR) and much less than the Greater Protection Ring (GPR). LPRs get damaged with use, but they still give the same amount of Armor Rating until they break. One can obtain a LPR as an exceedingly rare drop from a Gooey, but the most reliable way to obtain way is through a quest: Wilem at the Duldrus Forge will give you a Lesser Protection Ring in exchange for 20 Golden Scales.
In practice, Lesser Protection Rings tend to be far less common than Medium Protection Rings, owing to the popularity of dragon hunting in Oberin. It only takes one or two dragon hunts to acquire a MPR, whereas it might take several lizard or stone golem hunts to acquire enough Golden Scales. Nevertheless, LPRs still give a decent boost to Armor Rating (5 points compared to the MPR's 10) and thus they remain a solid option for younger adventurers in the event that they haven't been able to get their hands on a MPR yet.