I seem to have a thing for making coasters; they're some of the first things I ever made and since they get ratty fairly quickly I've ended up making replacements a few times. I just love how quickly they come together, and how cute you can make them with tiny scraps of leftover fabric.
These are from a pattern in Meet me at Mike's, but they're really easy to improvise as well.
They also look pretty darn cute tied up with a bow and given to a friend as a gift...
You can see another set of embroidered coasters that I made here.
For other people's creative spaces, go here.