Mermaid coin purse - too cute

One of my students had the *cutest* item attached to her backpack: a mermaid coin purse/keychain.  I promised I would take a picture of it and blog about it, because it is just too darn cute.

The head is the coin purse portion, and the zipper pull is her ponytail.

OMG, how cute is that!  Probably going to have to put this on my list of things to make myself.  What materials would I use, I wonder...