Thoughts on how to cut out the letter "O"?

I have several boards that I need cut the letter "O" out of (One "O" per board).

Does anyone know the best way to consistently cut the same shape out? The "O"s would be stacked on top of each other. I thought of printing the letter out, then taping the paper to the board and cutting it, but that seems like a lot of wasted paper - let alone a lot of room for error.

Is there a technique someone has used before? Thanks!

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