I found this idea on the Simply Notable blog (where the gift boxes from the other day were featured. Click through to Simply Notable to see how pretty they are. She also shows some coasters that are a mix of knitting, crochet and basic quilting). While I'm not totally certain that the image below shows the exact coasters, they're either the same ones or they're very close.
Source: Heather W
This is exactly the type of project I like (one that's attractive and can be made in a day).