I finally got around to converting some old tin cans into a cork covered pencil holders. I used an extra cork square that I had from another project and went to work with my hot glue gun. I did find that it is difficult to make a perfect seam, so I added a simple line to cover the mess (See pic 2).
The excess cork was from a project in my closet. I decided to line the inside of my closet door with cork for pictures and other items. It is pretty handy and makes me happy when I open my closet. In addition, it keeps all the clutter out of sight.