High John,
Great question and no one is exactly sure of the answer.
In 1922 The New York Giants produced a championship ring and awarded them to the entire team when they won the World Series.
Two World Series rings have been discovered that were from 1914 and 1919. However, there is no proof the team issued rings to all players. There is a strong possibility that one or more of the players decided upon their own to have a ring made.
After 1922, Baseball championship rings did not catch on league wide. When the Yankees won the world series in 1923, they were awarded very fine solid gold pocket watches.
Within a decade or so, championship rings became the standard award for winning the World Series.
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