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If this is something new, i would have it checked out with you MD. If this is something that you have noticed over many years it is probably the scare discoloration from your circumsision. I have the same brownish ring.
That symptom is suspicious for penile cancer, though, it may very well not be. Go to an E.R. if you cannot see a regular physician.
The higher risk would be in the case that you are uncircumsized. I am not sure of this in your case. This wouldm, however, raise your danger level.
Thanks,
JCmcc.