This is a black wool felt cloche shell for you to add a flower over the ear or a ribbon....perhaps an art deco clip....you decide.
The inside outter rim is edged in black ribbed milinary ribbon. The ribbon has stamped on it: "L. Bamberger & Co., Newark. I just dicovered this, now, after pictures have already been shot. Below is information on Bambergers...which was sold in 1929, to MACY's!
The hat has no visable holes or moth nibbles, but there is a slight change in the surface on ove side, where an embellishment may have been attached.

Founded in 1893 by Louis Bamberger as L. Bamberger & Company in Newark, New Jersey, in 1912 the company built its landmark flagship store designed by Jarvis Hunt at 131 Market Street . In 1929, Bamberger's was purchased by R. H. Macy Co. The massive 14-story building covered an entire city block, bounded by Market, Washington, Bank and Halsey Streets. The phone exchange 565 was for the exclusive use of Bamberger's, with direct dial numbers for most of New Jersey's suburbs for phone ordering known as "Tele-Service." The building's loading dock was located well below ground on the fourth basement level, thus avoiding delivery trucks blocking the busy city streets. Two massive elevators would carry fully loaded 18-wheelers from Washington Street down to the loading docks.

After RH Macy and Co., purchased Bamberger's in 1929, the store started to focus more on serving a middle-income shopper, and some of the higher end services were eliminated, or modified.

I am sorry to say, my only mannikan head is a 1950's one, so you will have to imagine it on a 1920's head.

This item is sold from a vintage boutique in Las Vegas, Nevada.