Lorenzo Cabot discovered this artifact during an archaeological dig in the Empty Quarter of Arabia in 1894. His guide protested its removal, believing it to have supernatural properties and afraid of any repercussions for its disturbance. Lorenzo secretly removed the artifact and returned with it to Boston.
When he put it on his head, the artifact fused to his nervous system granting Lorenzo enhanced strength, localized telekinesis, and immortality at the apparent cost of his sanity. Believing him to be a danger and unable to remove the artifact, his son Jack had Lorenzo and the artifact locked away below Parsons State Insane Asylum.
Location
Lorenzo wears the crown in his cell below Parsons State Insane Asylum, but it is unobtainable without the use of console commands.
The following is based on unverified behind the scenes information and may be inaccurate.
The crown's use and its effects are very similar to the Ayleid Crown of Nenalata from The Elder Scrolls IV: Oblivion. In both games, whoever wears the crown is presumably possessed by an unknown entity and gains powers far greater than their own.
End of information based on unverified behind the scenes information