Partyhats are obtained from the partyhat minigame, trading another player. There are 8 different colors
The colors are; red ,yellow ,green blue white purple and black. There is also a large ammount of custom partyhats. They come in colours like the coustom santas. some are; Rune, Gold, Addy & Bronze. There are many more out there probably that havnt been traded yet.
Red is usually not worth anything because of how common it is dropped from barbarian women, which are easily killed
Value form least expensive to most expensive: red, green, blue, yellow, black, white, purple,