Quality
Panama-hat quality is a heavily disputed subject. There are two main processes in the hat's creation: weaving and blocking. The best way to gauge the quality of the weave is to count the number of weaves per square inch. Fewer than 100 would be considered low quality. There are many degrees of increasing quality, up to the rarest and most expensive hats, which can have as many as 1600–2500 weaves per square inch; it is not unheard of for these hats to sell for thousands of dollars apiece. Such a hat is known as the Montecristi, named after the Ecuadorian city that produces the best Panamas. The second best type is the Cuenca, again, named for an Ecuadorian city.
The quality of the weave itself, however, is more important. A high weave count, even an attractive-looking one, does not guarantee a well-woven hat. It is said that a Panama of true quality (a "superfino") can hold water and when rolled for storage can pass through a wedding ring. However, Ecuadorian hatmakers disagree on how to rate the lesser-quality hats.
Although the Panama hat continues to provide a livelihood for thousands of Ecuadorians, fewer than a dozen weavers capable of making the finest "Montecristi superfinos" remain. The UK's Financial Times Magazine of 13 January 2007 reported that there might be no more than 15–20 years remaining for the industry in Ecuador, due to the competition of paper-based Chinese-made imitations, especially as a few hat sellers dominate and manipulate the market. Panama hats can take up to 4 months to weave. They usually take 2 months to weave.
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