2008-12-21, 03:52 AM
No. You can exchange your hat at any time. IIRC, it gives you the option to upgrade it when you check. It will say something like...
You have defeated Lord Pirate 94 times. Thanks a lot for helping us out. Do you want to upgrade your Lord Pirate's Hat? [Yes] [No] OR [Accept] [Decline]
Someone else can probably give a more accurate description, but that's the gist of it. I presume that you are using the hat, so just keep it equipped at all times until you decide to upgrade it. They can't upgrade it if isn't in your inventory.
You have defeated Lord Pirate 94 times. Thanks a lot for helping us out. Do you want to upgrade your Lord Pirate's Hat? [Yes] [No] OR [Accept] [Decline]
Someone else can probably give a more accurate description, but that's the gist of it. I presume that you are using the hat, so just keep it equipped at all times until you decide to upgrade it. They can't upgrade it if isn't in your inventory.