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Iverson told 9NEWS on Monday that while he was proposing to his girlfriend on Larimer Street in downtown Denver (between 14th and 15th Streets), he dropped the ring.
Not the diamond ring, that one made it onto his girlfriend's finger after she said yes.
He dropped the wedding band that went with the engagement ring just after 9 p.m.
It then went through a grate on the side of the street and down into Denver's sewer system.
"I was overjoyed by the fact that she said yes, so the fact that the ring went in there - I was upset, but I was still happy," Iverson said.
The Denver Fire Department responded to try and help Iverson and his fiancée recover the ring. It took firefighters about 45 minutes, but they recovered the ring.
The ring Iverson dropped was his fiancee's mother's ring. The two are expecting a baby in July and are moving to Denver from Fort Collins. Both also have a lot of experience around weddings - they are wedding photographers.
(KUSA-TV © 2011 Multimedia Holdings Corporation)