The Jester's Cap is a festival hat which can be obtained by exchanging a Frozen Accessory Token since Wintersday 2012.
Unlike most festival hats, Jester's Cap can be dyed. Dye affects the default red sections of the hat. The default color can be closely replicated using red dye. Note: Given the bug affecting the Jester's Cap (see Notes below), the default color may be slightly different.
When removing the dyes from the mask in the Dye Preview
window, the mask will stay the color you removed from the Dye Preview window last rather than reverting to its original appearance.