This gorgeous waxy cap might best be described as a non-blackening version of Hygrocybe conica--or as a red version of the orange or yellow species Hygrocybe acutoconica. Its sharply pointed cap is scarlet red and sticky when fresh and young; its stem is dry, and ranges from reddish to yellow.
According to some mycologists (e.g. Boertmann, 2000), Hygrocybe cuspidata should not be treated as distinct from Hygrocybe acutoconica, since it differs only in color. Smith and Hesler (1963) treated.. more