Money remaineth not always with any of us, my masters; and so truly did Owlglass find, when that he was in the town of Cologne. And he was so poor, that of all his money he possessed only four shillings; and on his head he wore an old hat, with three corners, and thereat did all people laugh. Then Owlglass thought that he would therewith have rare sport and profit. And as he was going along the street of the town, he beheld two officers of the soldiers; and he knew that they had pouches well lined with gold pieces. And they laughed at his hat. Then spake Owlglass unto them: “Behold, ye do laugh at my hat. Verily will I shew unto ye that in no wise is it to be accounted nought, but hath great virtue; and to content you therein, I bid ye both dine with me on this day.” And the soldiers consented, and so gat them with Owlglass. When that they came unto the gate of the best inn, Owlglass said: “What say ye? where shall we dine?” Then they answered and said: “Let us enter herein and dine, if that ye have a good pouch of money?” And Owlglass said: “Be of good cheer, that maketh no matter, let us enter therein.” Then entered they; and Owlglass secretly conferred with the hostess, and gave her the four shillings, therewith to satisfy her for the dinner.

And when that the dinner was served, the officers waxed merry, for it was a very excellent dinner, and they were content. Thereafter did Owlglass say unto the hostess: “What money dost thou want to satisfy thee for thy dinner?” And she answered and said: “Four shillings.” “Four shillings, sayest thou?” answered Owlglass, and therewith he took his little hat and he turned it four times about upon his finger, and asked her if that she were content. And she said: “Yea; and fair thanks unto ye likewise.” And therewith departed she. But the officers, when that they beheld it, said: “But how marvellous is this thing!” And they were most astonished. “Alas! my masters,” said Owlglass unto them: “do not ye now see how great is the value of the hat? With the money that more than twenty times hath been offered me therefor, should I be rich.”

Then said one of his guests: “If that I offered unto thee a good sum, would not ye sell it? For poor soldiers as be we, so great a marvel would be accounted very useful unto us, for then should we never die of hunger.” And Owlglass was persuaded, and he gave them the hat for four hundred marks. And the next day, he who bought it desired to make trial of it; and he went unto the inn and had a great banquet made ready, and he assembled his friends together to eat thereof. Then when the time came for paying the host, he sought to pay the charges by turning the hat about; but the host understood it not. And so the soldier had to pay many marks therefor; and when he looked after Owlglass he found him not.