Adjustable Hole Saw 1-3/16" to 7-7/8" (30 to 200mm), Heavy Duty Circle Cutter Drill Bit for Wood & Drywall, Round Cutting DIY Tools - Black

You need a holesaw, they have a kerf and can have some runout, so you'll need one larger than 1.5". If your discs can have a hole in the center, you can just go ahead and drill them, if they need to be solid, then you'll have to drill the first hole in a template piece, that you then clamp on the board for the final pieces to guide your holesaw. Be careful, they can grab and spin the workpiece or the handdrill. For holesaws I would recommend the ones with only 3 teeth, since the disc will be easier to remove. https://www.amazon.com/Milwaukee-49-56-9290-HAWG-Carbide-Teeth/dp/B07DYTKJ37/ If you have a drillpress, you can also use a circle cutter (only use them on a drillpress) this type is a bit shit: https://www.amazon.com/LifCratms-Adjustable-Circle-Drywall-Cutting/dp/B09QKQCWV4/ this one is works bit better: https://www.amazon.de/PAULIMOT-Kreisschneider-mit-HSS-Einsatz-Kobalt/dp/B076KJG9MR/ if grain direction doesn't matter, you can also get a 1,5" dowel and cut off slices