I make me pirate hats from the highest quality wool felt. I use felt rather than leather as felt t'was the most commonly used material fer making hats during the 17th and 18th centuries. This also allows me to keep the price more affordable than leather.
As to the actual process, let me say ye start by shearing a sheep for the wool and then... well... there be many closely guarded steps before reaching completion. Separating the wool fiber, making wool batting, turning that into felt, die bathing, boiling, blocking the hat, stretching, drying, stiffening, steaming, hand-shaping, steaming, drying, reshaping, drying, tacking, applying the oil/wax, curing.
Whew! Tis a very time and labor-intensive process to produce a fine felt hat. Savvy? Ye be getting a true value to be sure me bucko.