I made a variation of this card a long time ago. Since then it has traveled across the country many times over. All that traveling had put a bit too much wear on it and I needed to make a replacement. I figured I would share what is one of my favorite "old school" cards.
I also made an ATC version for designer Donna D. She received it yesterday so I think it's safe to share these with you all now.
I cut 3 acetate layers, stamped 2 with bold seaweed and one with our mermaid. I colored the mermaid from the back with galaxy markers (they are opaque). Those cute fish are actually polymer clay. I picked them up a while back from Sparkle and Sprinkle during one of the shows. For the last layer of water I used copic markers. The bubbles are diamond glaze. I dotted each acetate layer with hte diamond glaze to make the air bubbles and let them dry. Then I stacked it all up, punched the holes and added the eyelets in each corner.
Mermaid and bold seaweed: http://starvingartistamps.com/all_things_fishy.html