As the name implies, a cursed hat will curse the person who wears it.
Bill Weasley once had a penfriend from Brazil who was offended when Bill couldn't travel all the way to South America for a visit, so this person sent him a cursed hat that made his ears shrivel up (GF7).
This is only mention of a cursed hat in the Potter universe, but it seems likely that hats can carry a variety of curses besides causing one's ears to shrivel up.
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Tags: cursed item ears