Years ago pictures were hung from a picture molding which ran around the top of the wall in each room. Wires were attached to the back of the picture frame; the other end of the wire attached to a metal clip. The clip was then hooked over the top edge of the picture molding.
Picture moldings typically have a round top edge approximately 5/8" in diameter which holds the clip. Like many moldings, picture molding can be made in several cuts on the router table using a selection of bits. When making multiple passes to create a molding, the most important consideration is to always have flat surfaces of the stock against the fence and table for good support during shaping.