I have been wanting to make tap handles that are easy to switch out the labels. Here is what I came up with.
I started out with some 1x2 oak, cut into 6" lengths. Then, I carved out the face of the handles in the shape of some mending plates that I picked up. I drilled out the end and used 3/8-16 threaded inserts in the bottom of each handle. Finally, I drilled out some holes to glue in disk magnets inside the carved out area.
For the labels, I printed out my images and wrapped them around the mending plates. To prevent damage to the labels, I wrapped them in clear packaging tape. There is a small hole in the center of the handle drilled all the way through. This is so I can stick a nail through to push the metal plates off the magnets when I want to remove the label.