Background: The True Crown of the Elves is mentioned in the Blackmoor Player's Guide, but no details are given. Below is my take:

Uhlmar was the first known king of the elves of Blackmoor. Before Uhlmar was crowned, the elves still lived sheltered by the forest spirits and Fey Lords. When Uhlmar was chosen to be the Lord of the Northern Elves, the Fey Lords produced for him a magical crown to be the symbol of his reign. Beyond a mere symbol, the Crown is infused with the divine powers of the Forest Mother. The crown is made of massy gold and shaped into leaf like patterns forming a heavy circlet and is adorned with frost blue sapphires and pearls. It weighs around 3lbs.

King Uhlmar used the crown for formal occasions throughout his more than 500 year long reign. However, upon his death the crown was lost. His successor, King Noris Ithamis never saw the crown during his reign and neither did his son, Menander Ithamis. Some speculate that the crown somehow found its way to King Uhlmar’s daughter, known today only as the Black Queen. If so, it is possible that it is still located somewhere within the Black Queen’s Lost City.

While Uhlmar’s reign saw the Northern Elves becoming divided into two races; the wicked Westryn and the wise Cumasti, it is believed that the crown may hold the secret of uniting the two races once again. Only a king wearing his crown will gain the respect of both elven races. It is believed that agents of Lord Menander Ithamis, known as the Gen’ri are searching for the crown to bring it to their master. If Menander Ithamis was to reunite the elves of the north, this is what could prevent the pending demise of the elven race in this part of the world.

Sources:
• D20 Blackmor Player’s Guide
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Questions:
1) What powers should the crown have? Is it a fully fledged BECMI style artifact or "just" a powerful magical item?
2) Which challenges needs to be overcome to acquire the crown?
3) Should the crown simply fix all of the problems of the elves or would that make it a bit boring?
4) Other ideas?

-Havard