Well, thanks to my husband, who spilled a glass of water on my side curio table and didn't tell me, it now needed a makeover.
Before and After:
I started by ripping out the old velvet. I pulled out as much of the backing as I could, but left what was strongly attached. I measured the height of the inside of the curio and cut a piece of poster board to that size. Next, I measured the diameter of the circle and then googled how to cut a circle. It ended up to be extremely quick and easy. Here is the link:
I glued a scrap piece of fabric to both pieces of poster board that I had cut. After the glue was dry, I cut around the edges. I covered the inside of the curio with glue and put the fabric-covered poster board in the curio. I wanted the fabric to be slightly stiff, so I covered everything with Elmer's glue. I quit using Mod Podge years ago and just use Elmer's, the effect is the same. Once the glue had dried, I didn't like how the edge looked where the side strip met the bottom circle, so I ran to the fabric store and bought 2 yards of cord. I hot glued the cord in the corner and I was done!
The table looks so pretty now, I'm not sure that I'll put my key collection back in it. They are a little rusty now from the water anyway... :)
Total cost: $7.98 for the cord.