Updated: Currently the sword has been left in a land in which no dominant people rest in. The sword itself has thousands of deaths brought upon it from it. Basically the sword is meant for only the strong to wield and can kill dragons very quickly if in skilled hands. Go to Comment
The monarch used to have absolute powers until the disappearance of King Henry V. A "temporary" replacement was put on the throne to hold it until King Henry returned, and he would have only one vote on the governing council of nobles and no other powers except persuasion. More then 50 years have passed since then and everyone knows King Henry is almost certainly dead-but the nobles don't want to go back under the rule of an absolute monarch, so the kingship is only "temporary" until King Henry V returns to take back his throne.