Party Hats were one of things given out by the in-game Santa in the early years of Runescape for Christmas. Few realized their impending value. After all, they were little colored paper hats. Shopkeepers only accepted them for 1 GP (equivalent to about one US Dollar in buying power) in exchange, and they were totally useless. As the way the world works, though, after Santa stopped giving them out and Christmas time was long past, they became a very rare item. They could no longer be created, in any means at all, and as people practiced alchemy upon them, the irreversible magic spells that turn things into gold pieces permanently, their numbers began dwindling, and people realized their value. Their prices for trade among the players of runescape rapidly climbed, from free, into the 2 digit numbers, then into the 3 digits, 4 digits, and so on.
Everyone sold them for a little ore than they bought them for, and the inflation of their prices is evident in todays market. Party hats today are worth anywhere from 120 million GP up into the 500 millions, depending on their color. The Christmas cracker that the party hast can come from is valued around 700 or 800 million GP, but on some days it goes over the billion GP mark. Certain colors, collected by players, are less rare, and are valued around the tens of millions per hat. Other colors, whether accidentally, or driven high on purpose due to collectors alchemy, are far more rare.
Many of the richest people in runescape have the majority of their assets in party hats. The richest person in runescape, Xxx Neo Xxx7, has several hundred party hats, the most of anyone in runescape, and the most recent Runehq "Runeforbes" report values his assets somewhere around 50 or 60 billion GP in liquid cash, and and some 120 billion GP including party hats and other rarities. He is the richest person in runescape by quite a bit, in fact, and the party hat market is at his whim. If he alchemizes any one of his hats, the GP price per party hat permanently jumps over a hundred thousand GP even for the most common colors. If he releases any party hats from his private stores into the market, the price drops by quite a bit.
These party hats have been a fascinating study into the market, and social stupidity. The party hats are useless, yet they are the highest valued items in runescape by far and far away. Read more statistics about party hats at the links sorted by color. The prices of the party hats are listed under the "street price"
The Christmas cracker they come from
Blue Party Hats
Red Party Hats
White Party Hats
Green Party Hats
Purple Party Hats
Yellow Party Hats
Wow, what an amazing, dynamic economy. This has been a great insight into the world of runescape.