The chorus to "The Old Rugged Cross" is, "So I'll cherish the old rugged cross. Till my trophies at last I lay down." What does it mean?

King Herod knew he ruled at the pleasure of the Roman emperor and that when Julius Caesar died he needed to have his position reaffirmed by the new emperor. Before he met him, Herod removed his crown. He removed all his royal ornaments. Then he went in to see the emperor. So another song says, "And when before the throne, I stand in Him complete. I'll lay all my trophies down, all down at Jesus' feet" (Revelation 4:9-10).