A nice variation on the Coat Peg.
Hold the hat in an inside grip at waist height and throw it upwards with half a spin.
As the hat flies upwards quickly stick your throwing hand up in the air and catch it.
The key is to spread the fingers on your throwing hand as much as possible and hold your catching hand in a coat peg grip. The hat lands on your thumb like it's landing on a coatpeg.
Slide the back of the hand up your face to remove the hat with an inside grip. Do a forward tumble as you bow to your audience, and stick the hat back on your head as you stand up.