The largest geomagnetic storm in recent decades began with a sudden commencement on February 6, 1986, developed slowly over the next two days, and, with a rapid intensification late on February 8, reached a minimum Dst of -312 nT during the first hour of February 9. Initial recovery was rapid, but full recovery took more than a month. In this paper we follow the ring current development during the storm using particle measurements from the charge-energy mass (CHEM) instrument on the Active Magnetospheric Particle Tracer Explorers (AMPTE) CCE spacecraft. We compare the energy content of the ring current ions with that expected from observed Dst values utilizing for the first time composition coverage over nearly the complete ring current energy range (1--310 keV/e). The ring current composition is followed for five days from prestorm quiet time to early recovery phase. Ions of both solar wind and ionospheric origin are important constituents of the storm time ring current. Although H+ carries the majority of the energy during most of the storm, O+ dominates near the storm's maximum phase, with 47% of the energy density compared with 36% in H+. This is in contrast with all of the more moderate storms which occurred during 1984-1985 in which H+ ions contained most of the energy density near storm maximum. The very rapid initial Dst recovery (&pgr;~9.3 hours) in this storm results largely from the rapid loss of 75- to 100-keV O+ via charge exchange in the inner portion of the ring current (L=2.5--3.0). Since it has been long observed that initial Dst recovery is much more rapid in great storms than in moderate storms, we suggest that a major (>50%) O++N+ ring current component generally exists near the maximum phase of great storms. ¿ American Geophysical Union 1988