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DIY - Paint & rough up some wood (not too heavy- thick) Buy some Burlap from the Fabric Store, Create a Stencil or go to the Office Supply store & have them blow up a letter & then you cut it out for your stencil. Use Spray paint or acrylic paint. For the Pegs/Nails - Home Depot- Lowes should have some.
DIY Frame Home Decor Project...buy new or used matching frames and take out the glass. Paint & cover metal pieces with burlap & add magnetic clips to hold pictures. This way they can be changed out whenever you so desire. You can also add a fun element of a wooden initial, etc. Instructions included.