You have to look at the type on the shirt. Once it's embroidered it stops being a font. The typeface Marion is pretty close considering.

Agree Marion Bold is close.
Main difference is different style leg on _R_

Marion Bold looks good, too.

To put this topic once and for all to bed I think that the base fonts that were used were Century and Times New Roman. Now if you look at those fonts you might think THEY'RE JUST NOT A MATCH they look completely different the strokes the letters _R_ and_G_ you could go on forever.
Cali Fame (the one that makes the hats) said in an interview that they designed the logo that was on that hat. For such a high profile customer it would be a joke to use any regular embroidery font. The biggest reason the MAGA letters are custom is for people to easily tell which
hat is fake and which is not. So how did they do it? Well, I can tell you because I went through the process of creating my own custom M_GA. First off I started with Century Book for the base font which I modified against a picture of the text on the real hat. This was a very tedious task
and required a ton of time. For the letters _R_ and _G_, I used TNR because the first time I saw the lettering on that hat in 2015 I thought of TNR as when I try to recognize a font I look at distinctive letters such as how the R and how a G is shaped, serifs and so. After adding strokes to both
Century and TNR I came out with a close match that sort of had that feel of the MAGA hat. Although I won't know if I had succeeded until I turn the text into an embroidery file and put it on a hat.



My conclusion is: Cali Fame Used a Mix of Century and TNR heavily modified to make the lettering on the hat. Later they turned the vector file to an embroidery file to sew it out. The reason they probably did this is to stay distinct and to easily recognize counterfeits.

If I get the chance I will try to turn this into an actual hat and if I end up doing so I will be happy to share the results. Also, any feedback is very much welcome, looking forward to hearing from other dafont detectives.

Century Book: https://www.myfonts.com/fonts/itc/century/
Times New Roman: https://www.myfonts.com/fonts/adobe/times-new-roman/

@Baki
Good argument. Are you going to share your results as a font?

Here is the final embroidery file:


This would be very difficult to perfectly re create as it takes a ton of time tweaking Both of the fonts.
I just don’t have enough time to do it. But for all those interested you can follow in my steps to get your own MAGA style font.

It's Georgia with a rounded offset path

Looks like ITC Bookman Std Demi

Figured it out and made a comparison