A paperclip or cookie cutters
Air dry clay
Magnets (most craft stores or Walmart)
Mold your clay into a small shape, or flatten and cut out with a cookie cutter. I bent a paperclip into a heart, stamping the hearts into the clay.
Let dry for at least a day, then paint.
Magnets with sticky backs work well, especially if your creation is pretty small. Place the magnet on back, and voila, cute magnet gifts!