This is a Chinese children's hats made of silk. These traditional silk hats were designed to protect the child from sickness, ward off evil spirits, and also imbue the child with important qualities such as wealth, health, courage, academic success, happiness, long life, grace, and beauty. The hat is decorated with colorful embroidery and appliqué and they have protruding eyes and noses with thread whiskers. This hat is most likely a tiger hat and worn traditionally by boys.
Austin Friends of Folk Art