Promise rings are a symbol of commitment. There are various things that attain significant value because of what they symbolize. Like the engagement ring. Or the inexpensive faux pearl earnings you gave her on your first date, which is more precious than any diamond. Don't believe it? Ask her! The promise ring is something in between the two. More specifically, the faux pearl earning was just a gift of affection, the promise ring one of commitment; the engagement ring says both or even better - it says everything.
Promise rings have been around since the beginning of time and are worn or gifted for various reasons, romantic or otherwise. To take from society and history - the ring with the royal seal worn by kings was a form of the promise ring, symbolizing the land or country of allegiance. They do have a special place among couples and friends.
Promise rings are believed to have first started being used by couples when young men had to go off to war unsure of whether they would return to ever be engaged or married. The man gave the woman he was courting a promise ring to show commitment or a pre-engagement ring. A promise ring also symbolizes that the person wearing it is in a committed relationship and not available, even if it's not a permanent commitment yet.
How much you pay for a promise ring like any other gift depends on two things - your budget, and what the person receiving it expects. One things that's for sure is that a promise ring might be replaced with an engagement ring and that might be the reason for giving it. But, it's not an engagement ring. So the woman receiving it might turn it down if she's not interested in permanent relationship if your promise ring seems like an engagement ring because of its value.
A promise ring can be worn on any finger of the left or right hand. Couples usually wear it in the left or right ring finger. A promise ring is worn in the left ring finger till it is replaced by an engagement ring. On the other hand, many couples prefer to wear it in the right hand ring finger so that it is not confused as an engagement ring. Otherwise any finger is fine, even the thumb!
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