I made a quick, simple hammer rack for my new shop. I've got more height than floor space to work with, so I took an old free wooden pallet, knocked out a board or two in the middle, and stood it up on end behind a workbench along a wall. I'm using the bottom side out, so I have hammers in the top and in the middle rung. I added wood spacers inside where the forklift tines would go to keep heads from falling through. I need to go back and remove a few spacers, because I seem to have a lot more large handles than small handles.
It cost nothing in materials and required no power tools. So far, all of the stakes and hardy tools are piled up on the shelf under the workbench.