I just started making Ponchos out of thise Mexican style fold over horse blankets. I just cut a hole in the center (after sewing the edges so it doesn't fray. They fray big time) and then put a few conchos on the front for decoration. Also make it so the you can let it hand loose or tie the sides up either with two conchos tied together or with leather straps...tied on with conchos. They are very attractive and WARM...in the colder weather.
The way I got started...I forgot my jacket one day so just cut a whole in one of my blankets and threw it over my head. It was so warm and comfortable...well, you know the rest of the story!
I'll probably have some pics on before too long. The cost is minimal too. Blankets are about 15 bucks, and a few conchos and leather. And iron on patches for backing behind the conchos. Hey, I'm not as dumb as I look!