When my 6 year old had his most recent birthday, a friend's mom made him a super cool cape that he loved and loved and loved. He wore it everywhere the first week, like to the mall and walmart. He received many compliments. Since my almost 4 year old wanted a superhero party I decided to try and make him one, and one for his cousin since then everyone attending the party would have one. And although mine is not nearly as well done as the one my friend made, I thought I would share because it's just so fun and easy. And if I leave out steps or something is confusing, I apologize. I'm not a very detailed writer and I tend to assume other people just know what I'm thinking.
First you go to the store and pick out two colors of shiny costume fabric. I found some great stuff on sale for $2 a yard. You buy a yard of each and some elastic. You'll also need a piece of white felt. I found a paper size sheet of the stuff in the craft section.
Cut a circle out of the felt and then trace whatever letter you want reversed on the back side. Cut it out. Decide which color is going to be your inside cape color and then cut a bit off the bottom to put behind your cut out felt. Pin it on the felt and sew around the letter. I'm not sure this is the best way to do it, but it's how I did it.
Since you had to cut a bit off the 1 piece of fabric, trim both pieces to be even. You could just buy more of one and less of the other so you wouldn't have wasted fabric. I planned to make capes for my boys build a bears which is why I didn't mind the leftover fabric. Anyway, pin and sew the circled letter in the middle of the outside cape fabric.
Next put the two pieces of fabric right sides together and sew around the sides and bottom. Turn right side out, and sew along the top. Then you make the casing for the elastic by folding down the top and sewing down. Thread through the elastic and sew at edges. Add a ribbon loop on one side and a button on the other and you're done.
The one I made for cousin was light blue and yellow, so it's a bit hard to see in the pictures. Christopher's is red and gold. He was very excited when he opened it before his party.
It only took a little over an hour to make (I'm kind of a sloppy seamstress. It might take longer if you iron and pin stuff). I think it's really fun and hope that made some sense.