My husband got a sheet of pegboard to hang in his closet to organize cables, and I thought "brilliant!" BUT it usually can only be found in dark brown. So I took the leftover panels, primed them and painted them with some leftover latex paint from the walls of the room (it's a very pale sea green).
To give the hooks the needed room from the wall, I built a frame out of 1x2s and set the pegboard on top of that. Then I got some skinny house trim (from Lowe's - not quite where this stuff is intended to be used originally) and built a frame for the top, painted it white (matches the trim in the room), and nailed it in place. So the pegboard is just sandwiched between the two frames. I used trim caulk to fill in any imperfect corners
If you have access to a router, you could just cut a groove into a larger piece of trim and end up with a really sweet frame, completely hiding the pegboard edge (or rather, not using paint to do so)
You can see the black screws (I'm going to touch up with a bit of paint) where the boards were screwed into the wall (through the 1x2 frame which is a bit larger than the white trim). Definitely want to screw this into studs!
The different tins have pins and such in them.
The little boxes and pencil box were found in the peg board aisle at home depot, and spray painted silver to look slightly less garage-y than their original color. They hold machine needles, hand needles, seam rippers and small tools.
The thread rack is just a bunch of 1" peghooks!
All told, the project probably just passed $40, including the 1/2 sheet of pegboard but not counting the paint which was on hand. I couldn't find the 1" peghooks locally (the home and hardware stores here just sold multipacks of peghooks) so I had to order those online.
The best part is, each panel is only attached with four screws into the studs, so if I want to take them down, it's just a little drywall mud in the screw holes and a little paint touch-up.
Now that I can find all of my sewing tools when I look for them, I'm actually in the mood to sew -