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Just like the others have said, the Magic Hat is a BMI that you can only purchase on special occasions, like halloween. You can compare it to a Bewitched Pumpkin, the Double Sided Medallion, or the Seal of the Apocalypse. There are 4 coats and each of them have a different rarity and bonus, with the Shaman being the rarest, and the Enchanter being the least rare