The energy spectrum of an electron confined within a circular ring in the p
resence of an external magnetic field (perpendicular to the plane of confin
ement) is studied exactly through the solution of the corresponding Schrodi
nger equation. The results show that for strong spatial confinement (weak f
ields) the degeneracy of the energy spectrum is completely removed, while i
n the case of strong magnetic confinement the spectrum shows the infinite-f
old degeneracy, typical of Landau states, as expected. In between, in spite
that all degeneracy is lifted due to spatial confinement, Landau condensat
ion can occur, i.e., the energy levels can be very close to each other. Mor
eover, for a given ratio between spatial and magnetic confining lengths, th
e magnetic flux can be quantized, while electron's currents appear to flow
in the "wrong" direction. The conditions for the quantization of the flux a
re established and the possible consequences discussed.