I just read something on Quora which blew my mind.
Bilbo's mithril shirt had been made originally for an "elf-prince". The way that Tolkien writes that line makes it seem like elf-princes were a dime a dozen. But! If you look at the work, the ONLY elf-prince to have been born after the destruction of Beleriand was Legolas. That's it. He's the only one. His father was the only elf-lord to claim the title of "king". (Gil-Galad was High King, but he had no children.)
Mind. Blown.