Hats have signified a person's job, affiliations, and position within society throughout history. In “Exchanging Hats,” Bishop uses the hats to signify gender. The uncles put on a lady's hat while the aunts wear “the yachtsmen's caps” (Line 11). Bishop contextualizes hats as a symbol of gender roles by referring to the relatives' actions as a form of crossdressing and experimentation. Hats also symbolize thought, so when a person changes their hat, it represents a shift in their outlook. The hats also demonstrate the gender roles and the collective view of each gender.

Bishop makes the lady's hat non-descript. Its only role is to act as an accessory for the man to bring pleasure and get a laugh. People frequently use jokes to center themselves or form tighter bonds within a group. The uncles try on the lady's hat in front of their relatives, implying a desire to get in their good favor. For a long time, powerful families made political and economic alliances through marriages and the wife was considered additional revenue for the male heir. A wife signaled her husband's respectability, physical appeal, and monetary status.

In contrast, the yachtsmen's cap evokes either a maritime profession or enough wealth to pursue a maritime hobby.