Spring has finally come to Moomin Valley, opening the door to another grand journey for Moomintroll and all its residents and its surroundings. With Snufkin returning from his winter trek, in the breeze the valley"s dwellers finally stir out of their slumber. Discovering a strange hat, in the glow of dawn the Moomins hesitate to discard it because of its exquisite craftsmanship, hoping instead to locate its rightful owner.
While entertaining his companions in the meadow under the oak tree, Moomin hides inside the silk hat. When friends search for him, they are astonished to find Moomin transformed into a ghastly beast. Looking in the mirror, he is appalled to see himself utterly unrecognizable with a trembling voice.
After frightening his friends and family, Moomin and Snufkin choose to throw the hat into the river. As it floats downstream, they wonder who owned it and whether that person will return to reclaim their lost treasure and hope.