I might be wrong but looks like a freshman college beenie, 47 either being the year it was worn or the year that they would graduate.
example....
Class of 1973 Freshman Beanie
Lesley College's tradition of freshman initiation officially began in September 1944 when the seniors from class of 1945 asked that a list of demands be met by the newest members of the Lesley Community. According to those who witnessed it, that first initiation was never to be forgotten: "All forms of salaams and impromptu recitations were made, all automobiles in sight were spotlessly clean due to unaccustomed attention, and as a climax, a performance took place in front of [the class of] '45' that would equal that of the Radio City Rockettes" (Lesleyan, 1948, p.78). By 1949, freshman were required to wear a beanie to distinguish themselves during initiation. Donated by Leslie Aitken, '73, the 1973 beanie is one of the Lesley University Archives' most precious treasures.
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