So I grabbed the can of black spray paint and changed its color!
Next I decided to use burlap on the back but the burlap was too flimsy so I took a piece of card stock and used Krylon spray adhesive to the card stock then layed the burlap and glued them together.
Step 3Tace and Cut
Next I traced the oval onto the burlap and paper combo to make the right fitting backing and cut it out.
Step 4Glue Gun
Then I used my glue gun to attach the Oval ring to the burlap backing.
Step 5Attach letter
I used the glue gun to then attach a wooden "R" I bought in the clearance isle at Wal-mart for $.25 and spray painted with that same black spray paint.
I used a remnant from the burlap to create a hanging rope and just tied it around the top of the oval.
Now you have a cute little hanging monogramed piece of art that cost about $1.00 :))