I bought some Ribba frames years ago and broke the glass in one of them. Rather than throw the frame away (or put it aside where it would sit forever while I got round to getting new glass cut for it) I did the following:
* Removed the mat, leaving just the backing card in place.
* Bought a packet of Home Brand wooden clothes pegs, and stained one with the wenge coloured stain I had on hand.
* Waited for the peg to dry then glued it onto the backing card.
*Clipped on a postcard I'd picked up at an exhibition I went to (originally I'd planned to change the card on a regular basis but Man Ray has been in there for a couple of years and seem to have no plans to move)
The entire project cost under $2 (the cost of the pegs, with enough left over for 11 more frames!)
Even if you bought a frame from the op shop and a test pot to paint the frame and peg with, it shouldn't cost you more than $5 to make.
(Listening to: Fabric 3)