I was procrastinating while proctoring study tables and found this old thread..
Here at Upsilon (Oregon St), we have a really special de-pinning ceremony the day before initiation. After the president takes off all the new member pins, a senior member reads the Legend of the Pearl. At this point, the bigs are standing side-by-side with their littles, and they give them a small pearl ring (just elastic and beads, but they are very cute) to wear on their right pinky finger. The tradition is to wear it on two days in your life: your initiation and your wedding
I keep my pearl ring in my pin box in waiting!