I listened closely to the Hazeltons version and changed the verses on here a bit. This is how I interpret the scene of the first verse:
There's a wedding ring on the bar (he's taken it off), It's a figurative water mark (a leftover reminder like the water ring left from a glass on the bar)/ a literal watermark (a faint symbol). It reminds him of what he had (the relationship) and that he can't have it anymore.
I listened closely to the Hazeltons version and changed the verses on here a bit. This is how I interpret the scene of the first verse:
There's a wedding ring on the bar (he's taken it off), It's a figurative water mark (a leftover reminder like the water ring left from a glass on the bar)/ a literal watermark (a faint symbol). It reminds him of what he had (the relationship) and that he can't have it anymore.