This is a fun one it has an interesting story behind the name, and it is worth posing the question it asks to other knitters. The "wager" in the name refers to the simple question:
out of 8 pattern rows, how many rows are purled?
From the appearance it is difficult to guess particularly at a distance, so the French called it puzzle stitch the Germans the Dispute stitch; but the English, who seemed to think only a fool could be stumped by the problem called it "all fools welt". The answer is of course "one".
It's a simple combination of garter stitch and stockinette indents. It is technically a series of purl welts but it has much more in common with garter stitch than a true purl welt.
Given the name it's fairly obvious that this is a fairly old stitch dating back to at least medieval times and it is probably much older given it's simplicity.
Only one picture today, as it's nothing we've not seen before I thought a closeup would be unnecessary.
Swatch is as follows: 4ply - 2.5mm needles - 30st x 42st - Longtail CON - Surprisingly Stretchy COFF
Pattern for working flat:
Row 1 - *K*
Row 2 - *P*
Rows 3-8 - *K*
A quickie today, we've got an interesting pattern tomorrow that requires needles of different sizes. Happy Knitting!