One more interpretation of the inscription on the

     This inscription was found in the year 1912 during an excavation near the village of Ezerovo, Parvomay district, Bulgaria. It is engraved on a golden disc of the seal-ring with the letters which are identical with the Greek characters. The inscription has eight lines numbering 61 letters in all. Up to date there are about 30 translations and interpretations of this text appeared in different countries. In this paper I bring forward one more interpretation.
The text of this inscription is the following:
            The first line       ;;;;;;;;;;;;;
The second line   ;;;;;;;;;
The third line      ;;;;;;;;;
              The fourth line      ;;;;;;;;
The fifth line        ;;;;;;;;;
The sixth line        ;;;;;;;
The seventh line    ;;;
           The eighth line      ;;;;
     The reading of the letters do not poses  serious problems. “;” is for “ye” as in “yes”. “H” is for “ee” as in “see”.“;” is for “o” and “v” as well. “;” is for “z” and “zh”. “;” is for “th”. So, my reading in English letters is:
FROLIZTHENEYASINERENEYATHILTHEANEESKVA
RAZHEYADOMEYANTHILYEZHUPTAMIYERAZH  .  ILTHA
On the other hand, division of the text into words is rather difficult.
     There are four secrets in this inscription from Ezerovo:

     1.The first letter of the first word at the first line is “;”. This letter is not
        written clear and evidently. It is hidden. It is composed with the outline of the
        disc of seal-ring (signet ring) and its two ends of  the narrow part of the ring
        near the disc. One can really see this letter appearing only at the print
        (impression) as “;”(Phi). So, the first word in this inscription is ;;;;. It is
        well known masculine name (See Lat. Flor). In fact, the seal ring  is a
         utilitarian instrument of daily use. The seal rings were used in the earliest
         civilizations. From the beginning of the 3rd millennium BC they  were in
         production in the Aegean islands and  Greece. Usually the seal ring bears
         the name of the person, but it can also bear a personal motto. And we
         will see it in our case. Frequently the seal rings are so highly stylized that
         the characters represented on them are difficult  to identify for untrained
         readers. And we must remember that inscriptions on
         signet-rings are engraved in reverse so as to be visible in the impression as
         the mirror image of the figure in counter-relief.
2.The second secret or trick in this inscription is using of lapping in such a
   manner that the ending of one word became at the same time the
   beginning of the next following word. For example, in ;;;;;;;;;;;;;;
   we must read OA twice as OA and OA, where the first OA is the ending of
   the  word ;;;;;;;;; and  the second OA composes the beginning of the
   word ;;;;;;;. This device aims at saving of the room (space) on the
   surface of the disc. The lapping fragments are marked here:
;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;   ;;;;;;;;;;;;;;;;;  .  ;;;;
Thus, my division of the text into words in English letters is:
FROL  IZ  THENEYA  SIN  ERENEYA   THIL   THEANEESKVA
VARAZHEYA  A   DOMEYAN  THIL  LYEZH  U  PTAMIYE  I
YE   RAZH  .  ILTHA

3. The third secret of this inscription concern the last word of the text.
   To my opinion, this word represent the late addition to the text and
    means the name of a new owner of the seal-ring. This word was
    not made to be a part of the print. Thus we must read it normally.
    But what is the normality here in our case? For the basic text (at
    the print and not as we see it on the disc) it is to be read from right
    to left. However, in the case with the word ;;;; the normality is
    opposed. One must read it, on the contrary, from the left to right.
          The direction of writing has been changed since the time of making of the
          basic text. I think, the seal-ring could be used later not as the seal-
          ring but as a golden jewel. Maybe as a present (gift) for dear
          women (mother, sister, wife, bride) given by a warrior as  a part of
          his trophy. So, we must read this name from the left to right as ELTHA.
          Now about meaning of every word in this text:
    ;;;; – “FROL” personal masculine name. See Lat.”Flor”.   
     ;; – “FROM”. See Russian preposition «ИЗ».
    ;;;;; – genitive case of “PHINEUS”. The name of a town.
     ;; – “son”. See Russian «СЫН» and Bulgarian «СИН».
     ;;;;;; – genitive case of “IERINEUS”. Personal masculine name. Also “Erineus”, another
     personal masculine name and the name of a port and a river.
     ;;; – “PHYLUM”. See Lat. “Tellus”.
     ;;;;;;;;; – “OF   THYONE”. Genitive case of “THEANEISKY”.
     ;;;;;;; – genitive case of “SOOTHSAYER”. See Russian «ВОРОЖЕЙ/ВОРОЖЕЯ».
     ; – “while”or “and”. See Russian conjunction «А».
     ;;;;;;;; – “THE   EDOMITES” or “DOMANTES” or “DOMANTI”
            or ;;;;;;;;;, a people of Thrace, on the Strymon (?). Possibly ;;;;;;
            is correct. Genitive case of “DOMEYANE”.
     ;;; - “PHYLUM”.
     ;;; – “is situated”. See Russian «ЛЕЖИТ» and Bulgarian «ЛЕЖА».
     ; – “near”, “by”, “at”. See Russian preposition «У».
     ;;;;;;; – genitive case of “POTAMIA”. The name of the town or village. I know 2
              villages called “Potamia”: Potamia (Greek: ;;;;;;;),
              in the Arcadia prefecture, and Potamia on the island of  Thasos, both in
              Greece. Maybe there are another ones with the same name.
     ; – “and”. See Russian and Bulgarian conjunction «И».
     ;; – “is”. See Bulgarian «Е» and Russian «ЕСТЬ».
     ;;; – “STRONG   AND   NUMEROUS”. See Russian «РАЖ» and
           «РАЖИЙ».
     ;;;; – “ELTHA”, personal feminine name. Maybe ATHLE, personal masculine name.
4.The fourth secret of this text is acrostic or acronym. The first letters of each line in the main text (excepting the word ;;;;), when reading from the top to bottom, spell a full phrase. This phrase is:    ;;;;;   ;;.    
Maybe this acrostic could be used as a form of constrained (secret) writing.
The sense of this phrase is rather clear.
     This phrase consists of two words:
;;;;; – dative from “Rethra”. Rethra (Russian «Ретра», «Радигощь», «Радгощь»). There was an important Slavic pagan temple site around the town of Rethra (Western Pomerania). The second  Rethra or Rhetra, I know, is the Spartan constitution, which encompassed all aspects of the Spartan society. (See “The Great Rhetra").
;; –  “poke” or “penis”. See Russian «ПЫР» or «ПЫРКА»- “penis” (literally: “which poke”).
     The full translation of the text is as follows:
FROL   FROM   PHINEUS,   SON   OF   IERINEUS  (or  ERINEUS),   NATIVE   OF   THE   PHYLUM   OF   THE   SOOTHSAYER   OF   THE   CULT   OF   THYONE   .   AND   THE     PHYLUM OF  THE EDOMITES (or ODOMANTES)    IS   SITUATED   IN   POTAMIA   AND   IT  IS   STRONG   AND   NUMEROUS.   THE   POKE  (or PENIS)  FOR   RHETRA  (or RETHRA).   ELTHA  (or ATHLY).