One of my husband's aunt introduced this to me. It is simple and cheap to make. Here's how.
You will need a washer, the size is up to you, scrapbook paper, a bead and some sort of cord to serve as the necklace part.
Select you scrapbook paper. Then cut it to fit your washer. Decoupage the paper onto the washer by gluing it with white glue and the applying the glue to the top of the paper as well as a sort of varnish. When it dries be sure to do another coat or two on top. Then string the cord through the washer and put a bead on, tying a knot just above the bead. Now you have a great new necklace.
Two different variations. Be really careful when cutting your paper, any nicks will show the washer below such as in the red one pictured.