The wisest fool in Christendom couldn't hope to be better dressed than this!
Silver the Jester wears a red and yellow particoloured tunic and hood, appliqued front and back with playing card suits and a tragi-comedic mask.
A costume like this can be made lined or unlined, in colours of your choice (just the thing for buttering up your feudal overlord) for between £20 and £50.