It was presumably lost at the fall of Sauron, but since the stones are virtually indestructible, it would still be buried in the wreckage of the Dark Tower, or (as Christopher Tolkien speculates in Unfinished Tales) destroyed by the eruption of Orodruin.
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This palantír was used by the Kings of Gondor, but when Minas Ithil fell to the Ringwraiths, Eärnil II stopped using it; not only did Sauron now have access to the network, but the palantír of Anárion had the strongest link of all seven to the Ithil-stone.
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The standard of Elendil was the White Tree Nimloth with seven stars above it (representing each of the stars on the banners from the seven of the nine ships that escaped the destruction of Númenor that carried the palantíri), and above them a silver crown.
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With them they took the palantíri, the "Seeing Stones" that were given to the Lords of Andúnië by the Elves of Tol Eressëa, and a seedling of Nimloth, the White Tree of Númenor.
Palantir, however, sought to repent the actions of his predecessors; he once again tended the White Tree and followed the ancient practices.
The linux floppy distribution formed, named Paladir, was named after the palantíri in J. R. R. Tolkien's The Lord of the Rings, as it provided insight to other wireless routers running Paladir.