This is a very traditional design with traditional finishing. A basic, beautiful needlepoint design is worked almost entirely in basketweave. What makes it special is the border is worked in a large specialty stitch that adds texture and finish to the design.
The corners of the design are were not square, which meant the design could be finished as an octogon shape, perhaps with a gusset on the side. However, that would involve more labor and a custom shaped insert. Since the goal was to stay within the budget, I added insets of velveteen into each corner before finishing with a fabric frame with mitered corners. This adds a bit of detailing to the corner and also allows it to be finished as a square to staying within the budget.
The edges of the pillow are finished with self-welted cording. A cotton gimp cord is covered with fabric, cut on the bias (or diagonal). Cutting on the bias allows for the fabric to stretch so it doesn't pucker on the corners where it is turned. However, it ends up that you need more fabric (as it's cut on the diagonal) so self-welting and purchased twisted cording end up costing almost the same amount.
A lovely finish. :)