You offer your hat. The codsmith inspects its worth as potential material for a new cod piece. It shows promise, but it simply is not worth the same as the Hull of the Flagship. He refuses.
Hey check it out. Every week we'll be revealing some new troll characters from Hiveswap until Act 2 is out. Follow the Troll Call here, and meet the first two here. Expect a few more surprises like this to drop in coming weeks.