The most common and most likely answer to this crossword clue is the 7 letter word TRICORN
I've seen this crossword clue in The Times
T
R
I
C
O
R
N
More clues leading to the result TRICORN
- Endless knitted fabric on navy hat
- Hat in good condition obscuring male ears?
- Old hat, most of splendid lining ripped
- Town crier could have this hat, we suspect
- Cut endlessly hackneyed material – it’s old hat
- Undecided purchasing endlessly expensive hat
- Hat ripped to show most of costly lining
- Advice to vegetarian, citing lid
- Not completely opulent, wearing ripped hat
- Weary say, with sentimentality, old hat
Buddy explains!

The straight part
We know that "hat" is the straight/definition part of the clue. The straight part is often a synonym or definition, in this case hat = tricorn.The cryptic/wordplay part
In cryptic crossword there's often an wordplay/cryptic part as well.This part involves a more complex hint, such as an anagram, homophone, hidden word, etc.
Sadly, We don't have an explanation for this specific crossword clue yet.
What does TRICORN mean?
TRICORN noun- A three-sided hat with the brim turned up
- A three-horned fractal
- Having three horns or similar projections