1 painted pegboard (2'x4')
1 assorted pack of pegboard hooks (including screws and plastic spacers)
drill & bits
table makeover. Chairs! A very exciting Christmas present from my in-laws.
Back to the pegboard.
First I found the middle of the wall, the middle of the pegboard and found the studs. In our house, this is easy ... you just look for the pattern of nail bulges up the wall (yuck). Otherwise, use a stud-finder.
The pegboard holes are exact inches apart, so make sure you are on a perfect inch when you drill into the studs and it should line up just right! (If you want to hang very heavy items - like cast iron skillets - you may need to build a frame and secure the pegboard better. For my little vintage items, this way is fine.)
Then, I slipped the spacer between the wall and the pegboard on the screw and drilled the screw in.
Side note: my studs didn't line up with the middle of the wall, so my pegboard is centered but one set of screws are 10 pegs in and the other is 7. No big deal. After everything is up, you don't really notice anyway.
And the "EAT" sign I grabbed from above my kitchen sink, hung it with a plastic anchor I shoved in one of the holes and I love it about 1000x more here.