It was common belief in medieval times that goods and property could only be affected by the Fair Folk, the faeries, if it was acquired unlawfully or unfairly.
The gold hoops and rings that sailors wear are to throw into the sea if there is a storm. These are bribes to the sea gods to let them live through the storm.
Once a year, the king steps down from his throne, and lives as a peasant for one day, the next day is the anniversary of his coronation, and it is celebrated by a reenactment of the ceremony. This is doubly beneficial, firstly, because the people are able to have the grand parade that always precedes the ceremony. Secondly, because the heir to the throne is given a day on the job every year. Although, apparently, the thought has not yet come to one of the kingdoms enemies, the assassination of the king during the renewal coronation would be a moral, as well as a political blow to the kingdom.
With a huge number of sacrificial victims, another realm long ago secretly bound a Prince of the land spirits, Iorstonn by name, thus ensuring the fertility, and improving the magical defences, of their realm. But binding that Prince to one spot has disrupted the weather and magical patterns (ley lines?) over half the continent. Things have become bad enough that a coalition has been formed to rectify the situation, once divinations have established the cause.
Your party is one of the teams assembled to do the rectification: find the binding object and steal it ("so that we can destroy it here in our realm, of course"...*) or destroy it over there. Presumably the Prince will be grateful to his rescuers and angry at the binders, but with a greater spirit like Iorstonn one can never be sure: such beings are "tricksy".
* Of course, the rulers of our realm might want to control Iorstonn for their own ends...