Images of Pope Francis lying in state notably detail that he is still wearing the ring, which is believed to be valued at more than $500,000

The iconic gold signet ring Pope Francis bore on his right hand is set to be destroyed following his death at the age of 88.

The Buenos Aires-born pope – real name Jorge Mario Bergoglio – passed away at 7.35am local time on Easter Monday (April 21) in his modest quarters in the Vatican, having broken tradition upon his election to papacy back in 2013 by opting against staying in the grand apartment pope’s typically stayed in.

The cause of death for the 88-year-old, who chose to be referred to as Francis in honor of the 13th century patron saint Assisi, has since been confirmed as a cerebral stroke that led to a coma and irreversible heart failure.

As the Catholic Church goes through the paces of orchestrating his funeral and honoring rites of passage, the Fisherman’s Ring that he wore on his right hand will be destroyed with a special hammer.

Pope Francis reads a passage from the Gospel, with the Fisherman’s Ring on full display, back in 2016 (Vatican Pool/Getty Images)

Smashing such jewelry seems a sin in itself, with the estimated cost of the signet ring believed to be in the region of $520,000 – although its true value will extend far beyond its material worth, with it being an embodiment of Catholicism.

The Fisherman’s Ring is gifted to the pope upon election and taken away upon their death, with its presence is a notable feature in pictures of Pope Francis laying in wake that have been released by the Vatican.

The Roman Catholic Church’s tradition is to destroy the ring and bulla with a special hammer by the camerlengo cardinal, which in this case will be Kevin Farrell.

The reason for doing so is to prevent the ring from being misused, with it initially being forged to operate as a seal for the pope’s private letters – although due to modern advances it’s only real purpose is ceremonial.

Pope Francis died on Easter Monday at the age of 88 (Franco Origlia/Getty Images)

It’s destruction takes place after official confirmation of the pope’s death, in the presence of the College of Cardinals – before the papal conclave begins to elect the next pope.

The process of electing a pope usually takes between 15 and 20 days from the death of the last.

Announcing Pope Francis’ passing, Camerlengo Cardinal Farrell said: “Dearest brothers and sisters, with deep sorrow I must announce the death of our Holy Father Francis.

“At 7.35 this morning, the Bishop of Rome, Francis, returned to the home of the Father.

“His entire life was dedicated to the service of the Lord and of his Church. He taught us to live the values of the Gospel with faithfulness, courage, and universal love, especially for the poorest and most marginalised.

“With immense gratitude for his example as a true disciple of the Lord Jesus, we commend the soul of Pope Francis to the infinite, merciful love of God, One and Tribune.″