Although boater hats and Panama hats are enduring headwear staples, these hats have one key difference—the flat crown of boater hats versus the higher pinched top that defines Panama hats. Boater hats are typically made from cylindrical sennit straw, giving them a trademark round shape, while Panama hats are traditionally crafted from toquilla straw. Thanks to toquilla straw’s added flexibility, Panama hats come in plenty of versatile silhouettes, like the iconic indented fedora shape.