I used the cap of a vitamin bottle and nail polish to trace the eyes. The eye lids were made using the same cap as the eyes, just cut in half to make one for each eye. For the black felt, make sure you have some white chalk or a colored pencil or (as I used) a metallic or white Sharpie so you can see your circle's outline.
Once you've cut out a face you like, attach the pieces to the front of the bag or wallet with the glue, making sure not to have any glue overspill on the sides. Now all that's left to do is wait for the glue to dry and then take your monster out for a night on the town!