Fedora was a man who retrieved the Cross of Coronado in 1912. He admired young Indy's ingenuity and courage while attempting to claim it.
When he and his colleagues left the Jones' homestead, he donned his Fedora to little Indiana before passing the door.
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Behind the scenes
Early drafts of The Last Crusade eluded to him being Abner Ravenwood, Indiana's mentor. One can almost believe this since he is featured more prominently in the introductory sequences.