Peppermint meringues; I made mine the size of a loonie. These are really easy and cheap AND festive! I got the recipe for these from a magazine, which I will share with you here:
2 egg whites
1/2 cup sugar
1/2 tsp peppermint extract
red and green food coloring
Make a meringue with the sugar and whites, beating to medium-stiff peaks (beat the whites on high speed until they begin to get frothy, then slowly add in the sugar and keep whipping). Add the extract when the whites are ready, and mix on slow for a few seconds.
Prepare a piping bag (plastic disposable would be best) with a large round tip. Using a clean (or new) paint brush, brush lines of food coloring inside the piping bag. I find 2 red and 2 green is enough, otherwise they tend to blend and get brown instead. Fill the piping bag with the meringue (or do a few times if it's a small bag, washing and re-striping each time), and pipe small blobs, aprox 1" diameter, onto a tray covered with parchment paper. They can be close together, since they won't get any bigger.
Bake at 200F for 30 minutes, then reduce the oven temp to 175F for another 40 minutes. Turn off the oven and leave meringues in until they dry out (another 10-20 minutes depending in the size). If you're not sure if they're dry, eat one, and if they feel gummy inside they're not ready. When they're ready they'll be dry when you bite in, but melt in your mouth. Store them in a cool place in an air-tight container