With reference to the Three: '... included the healing of the real damages of malice, as well as the mere arrest of change.' JRRT, draft letter 181
The powers of the Elessar: 'For it is said that those who looked through this stone saw things that were withered or burned healed again, or as they were in the grace of their youth, and that the hands of one who held it brought to all that they touched healing from hurt.'
And considering Galadriel's comments to Celebrimbor (or Gandalf), with respect to fading and death, I think it's possible that Nenya essentially did the job of the Elessar, and so she handed the latter on.
The Elessar of Celebrimbor was said to be the greatest of his works: 'save the Three Rings only' and its light said to have less power than the original (within the conception of two Elessars, as there are two internal conceptions proposed).
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