I'm not sure I really like it but here is the Pen Display I came up with. I probably won't replace it with something better just because I'm too lazy to build something else if this will do the job.
Made of oak it holds twelve pens. It can be used in the orientation shown or stood up on the end and used in a taller configuration which takes up less desk space but is a bit less stable.
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As usual, the photography sucks! Any comments/criticisms are welcome and appreciated.