The base is die cut with the Scallop Square die, the next layer is a 4×4 coaster covered with Merry Moments DSP, next layer is cardstock paper-pierced around the edges. The letters are die-cut from the coasters after the DSP is glued on. Crop-a-dile punched the holes on each corner and ribbon is threaded through. Easy peasy!
(Sorry for the small pictures – click on them to enlarge)