The Graduation Hat is similar in construction to those ones you find at a college graduation ceremony, or perhaps at a high school, if your school's graduation outfit is black. It's typically black for college. It is one solid color with a tassel off to the side.
The tassel can be relocated to any sides of the cap, but it is permanently tied to the top-center of the cap. If you've lost your cap or just need a one for an occasion, this is a great option. You get to even keep it, as most graduation ceremonies will have you rent them for a fee and return them afterward.