a beautiful hat

Well you think it's nice, but beauty is in the eye of the beholder.

It is a beautiful hat (flawless, hoary).
It looks quite difficult to mend.
It fits you well.
It weighs about one pound.

You identify a beautiful hat.
It is a piece of clothing.
It increases defensive bonus by one.
It weighs one pound and two ounces, and it is worth about one celeb.
Its keyword is hat.