So here's an old coat. This cost me about $12, at Vinnies, back in the mid-90's, when I was at uni.
Here's the new version.
I reshaped the collar, cut a new hemline, and used the offcuts to make epaulettes, button flaps and big piratical cuffs. The buttons were in my stash, also an op-shop find from ages ago.
I managed to use most of the original coat, the only bits left are the original tie belt and about a 30cm square piece of material. Maybe I'll make a matching cap.
The little patches cover an original buttonhole and a couple of mothy/worn spots, as does the little strip around the collar.
For more detail on my process, have a look at the blog: http://makebakesisters.wordpress.com/2012/07/28/the-epic-coat-refashion/
Cheers, have a good weekend!