After the Beta Hat was released, other rare items were also available to penguins during "Old Club Penguin". Some times were the Ice Skates, the Hawaiian Lei, Rubber Ducks, Ice Cream Apron, Face Paint and other pins and backgrounds, just to name a few. With these came parties, such as the Winter Festival, the Underwater Party and the annual Holiday Parties, etc. Rooms such as the Cove, Pizza Parlor, Stage, etc were also constructed during this period of time. The map changed from having very few rooms to many rooms! "Old Club Penguin" is a term you will hear very often, as it is a period of time in the Club Penguin history. Below is a Galaxy Definition about Old Club Penguin.
Old Club Penguin - The period of time from 2005 (Opening Date) till August 2007, when Club Penguin was bought by Disney for 700 million dollars. This period of time was referred to as Old Club Penguin because from the day Disney bought Club Penguin, everything changed, for the better and the worse.
Annually, a party is held to celebrate the anniversary of Club Penguin. With anniversaries, of course, comes Party Hats! Each Party Hat represents a year, so this head item is very significant to Club Penguin and it's history.