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When someone says "Trading x for a craftable hat" (generally comes in the form of "Trading one refined per craftable hat), what exactly is it that they mean?

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The term refers to any hat that can and will be used in the Rebuild Headgear crafting recipe (combine any 2 hats for a random hat).

If the description of a hat says (Not Usable in Crafting), then that hat is uncraftable, and generally sells for less as it can't be used in creating another hat.

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So why would anyone trade a hat (3 refined min.) for 1 refined? –  Mr Smooth Aug 31 '11 at 7:33
    
@Mr Smooth: The market price of most normal hats is lower than crafting value, and that's precisely why people would rather trade than craft. –  The Annoying Pyro Aug 31 '11 at 7:47

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