The basic idea of adding that item is +1.
Making it affordable or 40 k plus is both fail.
Considering it always was a sign of an absolute, unimaginable godlike status FOR ONE person making it buyable is fail.
Keep it as a special item designated to faction leaders, given to by the creator, chadz himself.
The faction ofc must be known for existing for a longer time.
Every leader can be determined in the faction halls, each has his own game key so chadz should place this into their inventory -FOR FREE-
Taking this into account, the item itself should look and be awesome.
Everything else seems inapt.
"Look at my crown, big pimpin over here" - Hell no, visit Burger King instead.