This feature can only be observed in mature fruit-bodies where the partial veil has completely broken to leave an annulus on the stipe.

Choose this state if: the annulus is moveable on the stipe, like a washer on a pencil. This can be achieved by gently pushing a needle or very thin stick between the annulus and the stipe. If you need to drag the needle all around the stipe to dislodge the annulus, it is not moveable!

When the annulus is moveable, it will often fall to the base of the stipe of its own accord in intact fruit-bodies, or when the fruit-body is handled. However, in some taxa the annulus is normally very low on the stipe, without being moveable. A moveable annulus can also break away completely from the stipe as the fruit-body expands, and remain attached to the edge of the pileus as a washer-shaped structure with a small split on one side. If there are fragments of veil all around the pileus margin see Pileus margin appendiculate.