Recycled Ribbon Roll Vintage Ornament?

How do I make the ribbon roll recycled into Vintage Christmas Ornament? I saw it in a Crafts 'n' Things magazine, but don't have the instructions.

The inside is a vintage picture and it is surrounded by ribbon on the outside. I don't remember how you decorate it on the flat side. It kind of resembles an old fashioned hat that pioneer women wore. Hope someone can help. I thought it would make a nice background for family pictures on the tree.

By Gail Vance from Toronto, Ontario, Canada