Mods:
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Used DK and 4mm needles instead of worsted and 5mm, so cast on the 40 sts specified for a child hat, hoping that it will actually make for a baby hat.
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Provisional cast on (“Easiest Ever Provisional Cast-on”) using stripe colour (pink)
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Followed first 12 row pattern then changed row 1 to purl for subsequent repeats to avoid the colour change showing on the purl bumps on the right side.
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Did 8 colour repeats (9 in total)
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Kitchener stitched the cast on and cast off together with white yarn
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Picked up 102 stitches around base of hat on the wrong side (so the pickup ridge would be hidden under the turn up and wouldn’t rub against a tender little head) and knit the rib in the round for 22 rows.
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Fudged the cocktail cherry (haha) using 4 ply red yarn and my smallest 2.5mm circulars - cast on 8 using Magic ring, kfb into each stitch, knit 2 rounds, k1 kfb round, knit 3 rounds, k1 k2tog round, knit 2 rounds, k2tog round, stuff with red yarn so it doesn’t show though, cut long end and use to fasten off 5sts, use remaining three sts to do short icord with long end of yarn, fasten off and take yarn down though icord and use to tidy up base of stalk , down through cherry and attach to top of hat.
As another Raveler commented, there’s a heck of a lot of fabric to gather for the top - I gathered it very close to the edge, pulled it tight (which left a hole) and then threaded the yarn round through the stitches closest to the hole and pulled those closed (2nd photo).
I was worried this would be too small, but the finished hat will easily fit a baby and because the yarn is so soft and springy it will even stretch to fit a small child.
I started knitting this in Hobbycraft WI acrylic because the colours were vibrant (and it was cheap!) but it looked and felt wrong for a baby hat. Changed to the Sublime cashmere merino silk, which is gorgeously soft with prettier, more muted colours better suited to a tiny newborn.
Babies are too precious for cheap yarn…