It is simply the customary head cover used by the matador. If he is making his first appearance in a particular bullring for that season, he will carry his hat (montera) in the opening parade (paseo) rather than wear it. He will also remove his hat when he makes the dedication of the bull and then toss it to the person to whom he has dedicated the death of the animal. Of course, he retrieves the hat after the bull is dead. Monteras are expensive.
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