A 1950s Hoodcharmer, currently available on Etsy
I love the people who keep their vintage items with all original information. This hat would have been a bit hard to figure out without the accompanying pictures and instructions. Once I figured it out, I had too much fun with this neat invention, which dates from some time after 1956, as I found by looking up its patent numbers.
The illustration from US patent number 178,833
Made by Jane Richard (the patent belongs to Irene Greene) and called the "Magic Brim" Hoodcharmer, the simplest way to wear the soft knit tube of wool/Orlon acrylic is as a hood. To get fancy, you slip the white wire through one end, then twist and shape to make a hat.
Very DIY...are you there Etsy crafters?