There are at least two bounties in operation in the Kingdom of Smoke and a reward is currently on offer for the return of the alicorn.

The Copper Gryphon
Any any fae who brings the King evidence of the death of the Copper Gryphon will also be rewarded. The Copper Gryphon attacks motleys and freeholds at whim, although hasn't been spotted in Manchester for a few years.

Dauntain
Likewise, there is a rumour (perhaps unfounded and definitely never spoken in public) that any fae who brings the King or one of his representatives the head of a Dauntain has been promised a hefty reward. The official word, as always, is that the Dauntain should not be approached under any circumstances - but King Davey must be seen to protect his subjects, right?

The Alicorn
Stolen from the Spindle, which forms the heart of the Cottonopolis freehold, the alicorn is a magical item which is used as an antennae to keep Cottonopolis rich with Glamour and Quintessence. It is part of what keeps the area fed, acting as a nexus for several nodes around the city which feed directly into the freehold.