It is possible that Sauron didn't know the ring could destroy him. I'm talking about the guy who wasn't strong enough to sense the Ring in the Shire. Sauron also didn't know that Hobbits existed. Basically, Sauron probably thought the Ring was something he could use to concentrate his power; he didn't know he put a lot of himself in the Ring. His only fear seems to be that someone will claim the Ring for themselves and use it against him.
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Then Felagund upon the head
of Arothir set it: "Nephew mine,
till I return this crown is thine."
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