Question about a certain bosal

So I have a bosal that has a loose ring at the bottom of it. I don't use the ring since a fiador knot is better useage of it. But I was wondering what is the loose ring at the bottom of it used for Tie-downs?

A better discription would be if you take your average bosal. Take the turkish knot at the bottom of it and slid it up about an inch exposing an inch or so for a tiny loop of the main rawhide core below it. Then in that little loop at the base of the turkish knot and have a metal ring loosely hanging there.
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