This is very similar in concept to the first tied circles tutorial I posted a few months ago but I've adjusted the measurements to match my more recent cards which are linked below. Basically I score a line on my template to line up prepunched circles and them punch them again on my template. If you want more details, read on:
I start by making a template:
1) Take a 5 1/4 x 4" piece of cardstock and score a line a 1/2" in from the edge on the 5 1/2 inch side. Make another score line at 2 5/8" coming in from the 5 1/4" side that you made the first scoring line. I've penciled in some score lines - the short vertical lines on the sides aren't necessary - the circles are too big to center on these lines.
2) Punch out 3 - 1 3/8" circles from another piece of scrap cardstock.
3) Attach these to the first piece spacing them so that the middle circle lines up with the edge of the first score line and so that the middle of the circle appears to line up with the second score line. Line the outer circles up evenly along the score line and punch all of them out again. I just eyeball the second two but you could try to measure it out.
4) Now you have a template to place over another 5 1/4 X 4" piece of cardstock to punch evenly spaced circles. .
5) Punch out your smaller 1 1/4" circles and attach inside the larger circles OR stamp directly within the larger, punched circles after completing step 6.
6) Layer this piece onto a5 1/2 x 4 1/4" card and finish as desired. If you are tying ribbons it is easiest to tie them before you attach the circle layer to your card.
You can change the measurements to fit your project.
Relevant samples from previous posts and my Splitcoast Gallery:
Hope this all makes sense. Please let me know if you do a card in this style. I'll add a link to it in this tutorial.