Story idea; Gandalf doesn't think Bilbo's Ring is the Ring for a while; implied is that there were in fact many other lesser rings with various powers.
Meaning he might have suspected another ring for a while.
POV; you are a random Gondorian in possession of a minor magic ring, and Gandalf won't leave you alone about it.
Maybe that's because it's the Ring Of Intimidating Presence. That's literally all it does though.
Made for a petty noble at Gil Galad's court long ago, it has become a heirloom of your family. Letting go of it would anger many people (including your fearsome aunt Ioreth), but there's this raggedy wizard shadowing your every step with ominious and snarky comments, and it's starting to scare your customers away..
my favorite scene in the hobbit is when bilbo has to save the dwarves from the spiders and the only thing he can think of to do is to shout very rude things at them to distract them because 1. it shows that bilbo, having been raised in upper-class suburbia, thinks that the spiders will be super offended by his lack of manners enough to chase him 2. it shows that spiders are super offended by his lack of manners and 3. in modern day, it’s the equivalent of shouting ‘FUCKFACE’ at man-eating monsters
now i do know that canonically bilbo never made it all the way back to erebor - he was unable to go past dale when he finally travelled with dwarves again.
however think about bilbo, in his hundreds just recently parted from a ring which has corrupted his mind for the last 60ish years. think about him standing at thorin's grave, and very quietly saying "i understand now."
as a follow-up to that story, here’s a ficlet that someone else should write: Bilbo discovers a new variety of mushroom while on the quest for Erebor and gently baffles the dwarves who do not understand his excitement.