This fairy honeycomb band hat was produced by Beistle from 1933-1941. Although the design existed prior to 1933, it wasn't released as a hat until 1933. This stylistically goes very well with their 1923 party set. SGV is $95.
Beistle issued a set of four of these fairy-themed party hats in 1923, the singular year of their fairy mania. Every example of this hat I have seen seems to have that top-most bit of the wing missing. The artist was even then pushing the boundaries of Halloween imagery. I suspect these were not produced in the large quantities associated with other Beistle products from this year - like their fairy-themed Halloween Party book - as these hats almost never surface. It will be fun to see what this fetches.
05/14 Update: This wonderful hat fetched $405, far above what I consider to be the sustainable price of $250. If you look at the bidding history, it rocketed off from about $225.