If memory serves, the paper mache letters are about $2 a piece. You can choose just one color of paint, but I found that adding a second just gives the letters another dimension and some added visual texture.

Just paint your letters with whichever color you choose for the base coat (I chose the darker color-Wrought Iron), and, once dry, lightly brush the second color (I used Metallic Gunmetal) over the first. I used a paper towel for this step, but a dry brush would work as well