You will need: fabric for your drink coaster (a fat quarter will be more then enough), some felt (cotton batting is usually used but I don't have any, and felt is just as good!) and also any embellishments you might want to add to your coaster.
1) Layer your fabric. You should have two layers of fabric and one layer of felt. I used a cup as a guide and cut through all the layers of my fabric at once.
2) You want your felt piece to be smaller then your fabric square. Cut your felt piece, making it about a half an inch smaller then the fabric. You then want to "curve" the edges of your bottom piece of the coaster around the felt. Sew the sides down.
3) Curve the top piece of your coaster normally. Sew the sides.
It should now look like this.
5) Now add any embellishments you might want to the top piece, and place the pieces wrong sides together (so it looks like a coaster). I added two horizontal lace ribbons.
6) We are now going to sew the coaster together with five evenly spaced stripes right down the center, and of course sewing right on top of your previous stitches (from step 3) to complete the coaster. The stripes will be based on the size of your coaster, but mine were about an inch apart.
7) ^_^ Yay! A coaster =)
In the end, mine didn't overlap quite right on one edge...I must have folded one edge wrong. Oh well, I still like it!
If you find this useful leave me a note I'd love to see!