I bought a really nice set of coasters for my coffee table a few months back. They were all different but had a similar style. They were not inexpensive, and I couldn't help but think about whether I could use my "craftiness" to come up with something similar.
I picked up a few wooden pieces at Michael's. I had some scraps leftover from the school book covering project and really like the shapes and colours...so I decided to use them again in this project.
Draw around the shape of your coaster on the back of the wrapping paper/fine, non-textured wallpaper (or whatever you have) and cut out.
Cover the top of the coaster evenly with PVA glue (again available in most craft or stationery stores) using a thick paintbrush so that it's even.
Carefully place the paper on the wet glue surfaced coaster and press down evenly. Allow drying for 20-30 minutes before proceeding.
Once dry, and the paper is unable to slide off the wood, file off the edges if necessary. Cover the whole surface in PVA glue. Allow to dry--don't worry it drys clear--and repeat until the surface is hardened and waterproof.