So here's what I did...
Materials:
Cardboard letters (JoAnn)
Paints (I used green, blue, yellow and red)
Tissue papers in red and green
Foam brush
Paint samples/swatches in yellow and green
Chenille stem/Pipe cleaner
Mod Podge
I got the paint samples from Lowe's (free) and most of the other supplies from JoAnn. Don't forget your JoAnn coupons! I wouldn't shop there without them. Tissue paper and Chenille stems are also available at the Dollar Tree.
The first step is to paint your first cardboard letter green. There will be some of the cardboard showing through, but that's OK since you will be applying tissue on top of it.
Then you'll want to mix up a few shades of green. In addition to the main green color, I mixed up a little yellow-green and blue-green. I only added a little bit of the yellow and blue so that I would have more subtle differences.
Then, rip up a small piece of green tissue and lay it down on a protective surface (I just used a flattened cardboard box). Paint the tissue paper (pictured below) and lay it on top of your first letter (no picture). Smooth it down flat with your brush and fingers pushing it around the shape of the letter (i.e., down the sides of the E, etc). Be sure to allow for (and encourage) small wrinkles in the tissue paper so that it has a nice textured look!
Repeat with various shades of green. Since you will see some of the cardboard through the thin tissue paper, you will need to have more than one layer of tissue paper in some areas. I don't have any more pictures of the process since my fingers got really messy, but it's really straightforward, so I doubt they're needed.
Repeat with all but the final letter. For my second letter, I painted the cardboard letter yellow-green before starting so that I would have a little bit more variation (like seen in Eric Carle's caterpillar).
Make the final letter red. I used red and a dark orange (mix of red and a touch of yellow) for mine.
Cut the eyes and mouth from your paint swatches. Glue to the red letter. Apply a layer of Mod Podge to all letters to give them a nice finish. Fold the Chenille stems over one time and glue to the top of the final letter (I used super glue for just this part).
So that's all! I probably made the whole thing more confusing with all my explanation. It's really easy and somewhat therapeutic! It would be a great activity for a child too if you use non-toxic, washable paint!
More Very Hungry Caterpillar and other Eric Carle decor to come, including pillows, a valance and prints mod podged to canvas!