I used the large EK Success circle punch to make these. You will need to fold a piece of white cardstock in half and punch it along your fold so that you have an ever so slight flat edge on your circle. In other words, let the punch circle not cover the paper completely so when you punch through the two circles remain connected just a bit (like cutting connected paper dolls). You will also need to punch an additional circle from patterned paper and another from plain cardstock.
Decorate the front of your patterned paper circle with more patterned paper and trims. then adhere it to the front of your folder white circles.
Cut a 3/4 x 1 1/4 inch rectangle from black cardstock. Use a corner rounder to round one end slightly. Punch a small hole in this end. Adhere this rectangle to the back of your white folder circles so the the holed edge pops up from the top of the circles like an ornament hanger. Cover the back of your folded white circles with the circle punched from cardstock. Add a string to the hole and a greeting to the side of the tag. Tie a little bow or wrap a piece of wired trim around the top. This will hold the tag closed. Merry Christmas!