Pileus convex, then expanded, usually obtusely umbonate, sometimes depressed round the umbo; glabrous, deep cinnamon-colour, becoming paler when dry, size very variable, 2.5-10 cm. across; flesh thin ; gills adnate and slightly decurrent, crowded, rather broad, pallid, then cinnamon-colour; spores 9-11 x 5-6 µ; stem 3-10 cm. long, rigid, nearly equal, covered with squarrose scales up to the superior membranaceous ring which is minutely scaly outside, brownish below, paler upwards and smooth above the ring, stuffed, then hollow, often incurved and ascending.

Dannevirke, New Zealand. Australia, Tasmania, Europe, Siberia, United States.

On trunks and stumps; rarely on the ground, and then springing from buried wood.

An elegant species when well grown. Known from Pholiota squarrosa by the glabrous pileus. Most closely allied to Pholiota marginata, under which species the differences are indicated.