Great two tone gold bullion!
Some gold bullion on headgear has that one tone or that even color overall, but then occasionally you see this two tone gold bullion thread used and really sets off a hat. No doubt the darker shade here was lighter at one time, but has aged differently over the years. The effect is super however.
This hat made by M.C. Lilly & Co., Columbus, Ohio, is the maker. This cap has that early transitional look from the 1902 pattern. Looks like the hat had little if any use. The leather on the visor has the wavy look from excessive heat, but does not detract from the appearance. Nice three dimensional effect on the eagle.