As I see it, the hat is entirely in its original state. The Sweatband seems in good condition, but as so often the cotton threads of the machine sewing didn't make it over time. This one needs a restauration. What bothers me most is the deteriorated state of the glued in label, which I think is gold printed on black silk. It seems complete but the silk is splitting. I have to decide to glue it back in place and cover it with a acrylic protection foil or to remove it completely for conservation and store it on neutral paper... and maybe applicate a color-copy inside the hat. Yes, I confess, I'd like to wear this hat . Philosophic considerations on this are very welcome. No some gossip of the past: The label unveils the hat was made for a french customer/seller. Those were by way the most difficult clients, due to their extremely high quality expectations. Thats what the quality Manager of Borsalino told me 15 years ago. He was in the company from 1948 to the early 80's. He passed away some years ago. He told me that if a batch of hats differed in hight or other dimensions of even only a few millimeters, the french clients used to sent the whole batch back. Nobody was a picky as those clients. He then used also some unpleasent terms for them I wont repeat in this well educated place.