Here is a link to the archived blog post in which the item’s original appearance is referenced above: https://blog.roblox.com/2010/01/more-cowbell/
I used the Wayback Machine to reread the article and grab the image to reference.
I’m not sure if the item’s texture has been corrupted or what, but this is an issue I’ve noticed for a long time. I don’t own the item, but it’s been a pet peeve of mine and hopefully it can finally get fixed.
Because all blogposts were archived you need to use the wayback machine or another method in order to access the past variants. Thats my bad I should have provided these links:
Some further information regarding this issue that I’ve discovered with the help of @Spectaqual:
Originally this item had a black and white-texture and the blue-hue effect was given by having the VertexColor values of “1, 1, 120256336”.
The VertexColor z-value which is very large was at some point changed to be 0 which resulted in the entire item becoming yellow. I was able to test this myself using a version of the texture converted back into black and white, after modifying the VertexColor values.
The new version of the texture was created somewhere between summer 2013 and autumn 2014. This was likely when the VertexColor attribute for official Roblox hats/accessories was changed/deprecated and the the incorrect VertexColor values were baked into the texture.
Even with a black/white texture variant the original effect the item had is no longer able to be reproduced presumably due to changes with how the VertexColor attribute works now. Using the original values the item had with the b&w texture results in an entirely blue-tinted hat rather than the blue/silver gloss it originally had.
Awhile back, Roblox had to go through and remove VertexColor tints from hats, applying the hue directly to the texture. Probably assumed the weird yellow color was intentional, since there was a decent amount of VertexColor hats to fix.
Looks the same as the b&w version I manually corrected!
I expected as much because it would have just been applying the vertexcolor modifications which in reverse would be the same as just converting it to black and white.
Thank you for the find though! This is great as confirmation of original assets.
Also just realizing that the link to the texture I manually converted didn’t seem to be working, so I fixed that!