This is not for hanging spools in the common way, but spools that help hanging something else: vintage spool peg rack tutorial, by Jessica Wilson on Craft.
You will need:

• wooden spools, but also nice plastic ones are ok, for a different look
• a plaque to attach the spools to, wood is probably easier to work with, but any other paintable and screw-able material is ok
• screws to hang the spools, they must be a little longer than the spools and appropriate for the material you’re using (wood is different from metal)
• screwdriver
• pencil, to make signs
• picture hanger, or a soda can pull tab (great idea)
• a strong glue
• colour paint or decoupage paper to cover the plaque and the spools, if you like

See the detailed instructions on the tutorial page.