Quality is everything in hats, my best hat retailed for over $400 and is 100% beaver. It all depends on what you are going to do with a hat. For someone who wears a hat once or twice a month, a cheap wool felt will do if you stay out of the rain. for someone like me who wears a hat anytime they walk out the door, any hat I know of that is less than $100 is money wasted. One needs to learn and understand hat quality, there are several threads around here I have posted in explaining hat quality, a search should show them up.