Bad Penny by Stefanie Japel
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Bad Penny

Aran / Worsted ?
20 stitches and 32 rows = 4 inches
in stockinette stitch, on larger needles
This pattern is available for free.

From Knitty:

This pattern is knit from the neckline down to the bottom of the waistband on circular needles. The raglan increases are made using yarn overs YO! and create a lacy inset where the sleeves join the body, both in front and on the back.