I did not know that "scraps" are free... devils' advocate that I am! Why discount the value of scraps? You still paid good $$ to buy the fabric.
sandy

I say $15.00.

Pay yourself $10 an hour at least and calculate how long it takes to make.

Yep, with folks paying up to $6 for a cuppa joe, you should ask at least $10. If they want a specialized wallet (monogram, certain fabric, etc.) you could charge more.

I would tell them the prices start at $10, then offer embellishments for a certain price.

I would say $12.00 - $15.00. With the cost of materials going up and your time, $12.00 is more than fare and $15.00 if they want something special. Because the next thing your know, they will want one for there friends. At $5.00 it just isn't worth making a lot of them. Besides, it's hard to find something for $5.00 any more. Let alone if it's hand made.

absolutely $20 and friends rate $15.....your materials will be at least $5....they are fun to make and won't take much time, but make some money while doing them or you will be expected to make things for next to nothing in the future

My rule of thumb is charge enough that it makes you happy to get another order. If you charge too little, people will be ordering them to give everyone on their list for xmas. Will you be happy if several of your friends think they are doing you a favor by ordering 6 or 10 each. Most people have no idea how much supplies cost and how much time goes into them. Just my thoughts on producing for others.

Anytime I need to price something, I figure cost of materials plus about $10 an hour for my labor, and I state it that way. I figure that's fair since none of them would work for less, and most earn a whole lot more. Then, like others have said, you won't regret getting more orders.

I would start by asking myself, "Do I really want to make these for a bunch of people?" If, in your gut, the answer is no, then either tell them no, or quote a price that would make your gut okay with it. :) If they don't want to pay $20 for one of these, well, you didn't really want to make a bunch of them, anyway.