They're clothespins that you can purchase really cheap! I bought a pack of 30 for $2 at Walmart.
I used paint that I already had, but again... cheap to pick up (just acrylic paint)
I got $1 ribbon at my local craft store, and use some baby stamps on white cardstock.
Put them together with hot glue and you're good.
We gave these to each person at the baby shower to go along with a game (Can't say baby game).
Simple but worked great with a great price tag and a unique appearance (compared to the usual pins you by at the store)... You can create them to go along with any baby shower theme! UNIVERSAL is what I love :).