One thing I like to do is find things at thrift stores and I like to reuse things. My key rack was just that. I bought that wood for less than a buck, the scrabble tiles I already had, the hooks came in a bag from the thrift store. It was super easy to make.
I painted the wood the color I wanted and when it was dry I added some brown and wiped it off. I used my glue gun for the letters and my dremel started the holes for the hooks.
If I was to do it again, and I have for gifts, I would use either a spray sealer or Mod Podge to seal it. You can se already where it has been scratched.
And here is the two together by the front door.
By the way, I am linked up Tatertots and Jello