It's a simple, subtle way to pay homage to the state the US acquired after the Treaty of Guadalupe Hidqalgo. So what's it up to now? It's got a rope on the bill to hold all of your money when you're trying to show off in the Bay. Other than that, it's white, so you know you'll keep it looking fresh the first 10 times you wear it. After that you've accepted the fact it's going to get dirty so it inevitably turns into your everyday party hat.