RING OF WIZARDRY ITEM 7+
Method of Use worn; Bulk —
This ring is made from the purest platinum and is
covered in esoteric arcane symbols.
While wearing the ring of wizardry, you gain a +2 item bonus to Arcana checks and can prepare three additional arcane spells each day if you prepare arcane spells, or cast three additional arcane spells each day if you cast arcane spells spontaneously.
If you take off the ring for any reason, these additional spells are lost and cannot be
regained until the following day’s daily preparations.
No more than two of the spells prepared or cast using the ring
can be of the same spell level, and each version of the ring has
a maximum spell level it allows you to prepare or cast.
Even if you can cast arcane spells in a variety of different ways (such as if you are a draconic sorcerer with the wizard multiclass
archetype), you can still prepare or cast only three additional
arcane spells, though you can divide those three spells as you
wish among your various sources of arcane spells.
Wearing more than one ring of wizardry has no effect.
Type lesser; Level 7; Price 360 gp; Maximum Spell Level 1st
So the lesser ring only allows you to cast 2 1st level spells or am I missing something?