"The hat radiates happiness!"
Upon using this item with the Attack/Destroy key (Default Left Click) will place the item in your helmet slot and grant Jump Boost III, Hero of the Village, and Slow Falling, and 2 heart of health for as long as you wear the item. Manually placing this item into your helmet slot will not grant you the potion effects.
How to Obtain
This item can be found in the Present Chest