I finally found somewhere that sells white coasters (as opposed to the printed ones I used to have to use that showed through!), so I did some experimenting:
I covered both sides with dp from Papermania 'A Wonderful Christmas Time' set. I sanded the edges and punched holes using my Crop-o-dile, and added red eyelets. I threaded red grosgrain through, using dst to secure it on the back. The letters are chipboard, covered with Versamark and embossed with silver embossing powder - these came from Handy Hippo and are 1 1/2" tall.
For this pen holder, I again covered both sides of the coasters with dp from the Dovecraft Masculine set. I sanded them and then used ribbon to join the sides (the holes were made with the larger side of he crop-o-dile). The base was stuck on using Diamond Glaze, and the dividers were added at the end.
Thanks for reading