Fancy ribbon

From YPPedia

Fancy ribbons are a type of trinket. They were briefly able to be won by experienced (subscribed or carrying a pirate badge, depending on ocean type) crew members when a crew defeated a Brigand King; however, unique Brigand King trinkets now fill this role. They can be commonly found on Ice in automated tournaments as prizes. They are permitted to have two different colors per trinket, and so there are 441 unique fancy ribbons:

Fancy Ribbons are often awarded as runner-up prizes in events.