Déagol finds the One Ring before Bilbo Baggins in J.R.R. Tolkien’s legendarium.
In The Lord of the Rings, Déagol discovers the Ring while fishing in the Gladden Fields. His companion and kinsman Sméagol becomes fascinated by it and demands it as a birthday present. When Déagol refuses, Sméagol kills him and takes the Ring, eventually becoming the creature known as Gollum.
This event occurs long before Bilbo encounters Gollum beneath the Misty Mountains. Bilbo wins the Ring from Gollum during the riddle contest in The Hobbit, although Bilbo initially describes the transfer as a gift rather than explaining that he had taken it. Déagol is therefore the Ring’s finder in the Third Age immediately before Sméagol, while Isildur possessed it much earlier after cutting it from Sauron’s hand. These distinct discoveries are often confused because the Ring repeatedly passes between owners by different means.