I still always vote vintage, but I stumbled on a tutorial the other day with instructions on how to make your own ribbon out of paper, and it was too cute to pass up.
How to make make a mini medallion:
1. Cut a 3/4" strip off a piece of 6" origami paper and accordian fold it to create tiny pleats.
2. Join the ends together with a bit of glue or double-stick tape.
3. Cut a couple sizes of cardstock circles to layer for the center.
4. Press the pleated circle flat and glue your center circles onto it. It will want to pop back up, so set a quarter or something lightweight on top until it dries. Or hold it down with one hand while you surf the internet with the other, my chosen method.
5. Cut more paper into ribbon tails and glue them to the back.
To make larger medallions, cut wider paper strips and splice several accordian-folded pieces together.
(via How About Orange)