Just swapped some ribbons. The brown fedora originally carried the brown band, now swapped with the navy fedora and the panama. The panama now has the navy band from the navy fedora, and so it continues...
Comments?
PS the hats are, clockwise from back left: M&S panama, Brown Susquehana Mason, grey Christys Knightsbridge, black M&S wool felt fedora, Navy Christys Knightsbridge. Not pictured, Brown Guerra1885 Jones.
Comments?

PS the hats are, clockwise from back left: M&S panama, Brown Susquehana Mason, grey Christys Knightsbridge, black M&S wool felt fedora, Navy Christys Knightsbridge. Not pictured, Brown Guerra1885 Jones.