The ring has received 12 bids, with the highest bid at $45,960 as of 1:20 p.m. ET on Thursday according to SCP Auctions who are selling the ring. The auction will end on Saturday and the auctioneers anticipate that it will bring in $75,000-$100,000.
The ring has two football shaped diamonds on a blue background with 17 smaller diamonds surrounding them. The ring has the words Giants and World Champions on the face and has an insignia of the game on one side, with the word Taylor and a Giants helmet with the number 56 on it on the other.
Taylor's name is also engraved around the interior band of the ring.
The former linebacker has had legal troubles recently and was sentenced to six years' probation in 2011 as part of a deal in which he pled guilty to sexual misconduct and patronizing an underage prostitute.
According to Jay Glazier of Fox Sports, Lawrence Taylor gave both of his Super Bowl rings to his son TJ years ago. Taylor said he had no idea the ring was being sold until he saw the media coverage.