Cryptic crossword clue
Old queen’s wearing extremely terrible hat 5

The most common and most likely answer to this crossword clue is the 5 letter word TOQUE

I've seen this crossword clue in Financial Times
T
O
Q
U
E

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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 = toque.
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 TOQUE mean?

TOQUE noun
  1. A type of hat with no brim.
  2. (specifically) A tall white hat with no brim of the sort worn by chefs
  3. (by extension) A chef.
  4. A variety of bonnet monkey; toque macaque, Macaca sinica.
  5. An African nominal money of account, equal to 40 cowries.
TOQUE noun
  1. A knitted hat, usually conical but of varying shape, often woollen, and sometimes topped by a pom-pom or tassel.
TOQUE noun
  1. A rhythm used in Latin music, especially Cuban religious rituals.
  2. The guitar part of flamenco music.

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