Sindri then set another piece of gold on the fire as Brokkr worked the bellows. The fly bit Brokkr on the neck, and Sindri drew out a magnificent ring, Draupnir (“Dripper”). From this ring, every ninth night, fall eight new golden rings of equal weight.
–from Norse Mythology for Smart People by Daniel McCoy
Draupnir, one of six magnificent gifts, is part of the story of how Thor got his hammer. And there’s plenty of deception involved.
Once again, a key player is Loki, the mischievous trickster. He is never satisfied with what he has, always on the lookout for more.
One day he cut off the golden hair of Sif, Thor’s wife. Thor was not pleased and threatened Loki with breaking all his bones. But Loki pleaded for his life, promising that he could get the dwarves, master craftsmen, to replace Sif’s hair. Thor agreed, and Loki headed for Svartálfaheimr, the home of the Black Elves.
Loki was able to convince the sons of the dwarf, Ivaldi, to create a more beautiful head of hair for Sif than she had had before. But that’s not all they did. They also created two more gifts, Skidbladnir, a ship that could be folded up and put into a pocket, and Gungnir, the mightiest of swords.
You’d think Loki would be pleased that he would return from Svartalfaheimr with more than he promised, but then that just wouldn’t be like Loki. Instead of returning with the replacement hair for Sif, the ship that always found favorable winds, and the mightiest of swords, he thought he’d like to remain with the dwarves, out of Thor’s sight, and able to cause more mischief. He came up with a bet for two dwarf brothers, Brokkr and Sindri, a challenge that they could not match the craftsmanship of Ivaldi’s sons by coming up with three more magnificent items. If they failed, Loki said they could have his head.
Brokkr and Sindri accepted the challenge. In his attempt to foil the two, Loki, a shape shifter, transformed himself into a fly and bit each of the dwarves as they worked to create Gullinbursti, a living boar with golden hair, who gave off light in the dark and could run better than any horse, even through water or air, and Draupnir, the magnificent ring.
Since his first efforts to foil the dwarves with his fly bites had failed, this third time, as Sindri set out to create a hammer for Thor, Loki bit him on the eyelid so that blood dripped into Sindri’s eyes. Sindri pulled out the hammer, Mjollnir, perfect in every way except that its handle was short.
Loki removed the six gifts and headed back to Asgard where he gave the replacement of Sif’s hair and the hammer, Mjollnir, to Thor; the ring, Draupnir, and the spear, Gungnir, to Odin; and the boar, Gullinburst, and the ship, Skidbladnir, to Freyr.
Brokkr and Sindri also traveled to Asgard, assured that their gifts would be accepted in spite of Mjollnir’s flaw. The gods agreed that Loki owed Brokkr and Sindri for their work. When the dwarves approached to take his head, Loki objected, saying he had agreed they could have his head, but not his neck, and removing his head would injure the neck. The dwarves therefore contented themselves with sewing Loki’s mouth shut. 
While this tale explains the origin of tools and gifts in the possession of the gods, I think the real lesson concerns Loki, the sometimes charming and sometimes devious trickster.
The trickster is an archetype in many early cultures. The spider, Anansi, in the Caribbean and West Africa, the coyote spirit and Kokopelli in Native American and First Nations traditions, leprechauns in Irish culture; the list goes on.
As frustrating as it is to decide whether to like or dislike Loki and other trickster beings, I appreciate the lessons they provide, that the world and all the people in it cannot be divided neatly into the good and the bad. There is a little of both in all of us.
The tales remind me of an interview I watched with Dustin Hoffman in which he described how he felt about playing villains. To paraphrase, he said no one, even a villain, thinks of themselves as a bad person. So playing a villain just means playing a person who thinks he is a good person but who got caught doing something bad.
I’m sure Loki would agree.
What happened to Draupnir? Odin placed it on the funeral pyre for his son, Baldur–one treasure to accompany another.
Reference to Draupnir can be found in the Poetic Eddas, stanzas 21 and 22 of Skrinismol, The Ballad of Skirnir.
 Simek, Rudolf. 1993. Dictionary of Northern Mythology. Translated by Angela Hall. p. 65.
 Snorri Sturluson. The Prose Edda. Skáldskaparmál 43.
By Elmer Boyd Smith (1860 – 1943) – Page 88 of Brown, Abbie Farwell (1902). “In the Days of Giants: A Book of Norse Tales” Illustrations by E. Boyd Smith. Houghton, Mifflin & Co., Public Domain, Link