Wearing this along with the Eyepatch makes it not possible to see a penguin's eyes. This also happens when wearing the eyepatch with the Swashbuckler's Hat and Leather Swashbuckler's Hat.
If you wear the Nick Fury Eyepatch, you can barely see the strap and the eyepatch.
Just like The Claus, it is show in its right place on the player card and in-game, unlike the Santa Hat, where it is shown in front of the penguin on the player card, but behind the penguin in-game.