I purchased this mug tree or stand at the thrift shop last week for $2.
First, I sawed the knob in half on top and sanded it smooth. Then I painted the mug tree with Annie Sloan Chalk Paint in "Old White".
I wet distressed the piece with vinegar and water in a spray bottle and a terry cloth rag, and nailed a thrift shop small metal baking pan to the top. I then waxed the tree with clear wax.
The mug tree is now a jewelry holder for bracelets, necklaces, earrings and rings in the pan too!
An easy and useful thrift shop makeover for less than $5!