I made 60 of these super easy gift tags in just an hour and a half. I love having generic gift tags around for the last minute gift.
I used my Cricut to cut the largest circle 2 1/2 inches, and the smallest circle 1 1/2 inches. If you don't have a Cricut they sell circle punches those sizes at any craft store. Make sure to print a 40% off coupon online before you go (at Joanns, Roberts, and sometimes Hobby Lobby in Utah County) to cut down on the cost.
Then I used this punch to do a 2 inch scalloped circle, and glued them all together.
I finished the outside edge with fluid chalk, added an eyelet at the top and embroidery floss for the tie, and they were ready to go!