“Then Pharaoh took his signet ring off his hand and put it on Joseph’s hand; and he clothed him in garments of fine linen and put a gold chain around his neck” (Genesis 41:42 NKJV).

Joseph’s brothers stripped him of his coat of many colors that his father, Jacob, had given him. They threw him naked into a pit and sold him into slavery. But God raised him up. The Lord gave Joseph favor with Pharaoh, who put his own signet ring on his finger (A “signet” ring is like a “signature,” giving Joseph power to “sign” with Pharaoh’s authority). He put fine linen robes on his back and a gold chain around his neck. Joseph’s coat of many colors was now replaced. God exalted Joseph to an even higher place of favor than he had held before.
Again, we see Joseph as a Christological type. His life foreshadows the Messiah, Jesus Christ. Jesus was stripped naked and crucified, but the Lord raised Him up and clothed Him with glory and power, giving Him “all authority in heaven and earth” (Matt. 28:18).