Wooden or plastic tokens are a fun variation on tags to place letters or numbers. Having them cut out of the token is another fun change.
Although one can probably easily create a cutout from any shape or material token, it quickly becomes tedious to create several for a whole alphabet or a date with 8 digits.
This PSP Script will let you create a whole alpha, with any font you want, on any type of token you want, round or square, with or without a decorative edge.
You can also create blanks (if you want to add a painted effect) or others with designs on them, like preset shapes or hand drawn ones.
Although you can, in theory, use any font, some of them might not give a great result. This is the case if you have a font that is excessively tall or wide. The script will try to resize the height or the width, but if the other measurement is a lot more important, the resizing will not yield a suitable result.
You can grab this fun script in the store: Alpha-Tokens script.