Trifox - yes. Commonly, however, spirographs are what is called hypocycloids, which are produced the same way, except the circle is rolling inside another circle. The end result is a very cool image.
Here is a typical (partial) image:
http://monicarivella.files.wordpress.com/2007/12/circleproject02.jpgI'm going to scan the one I have, when I'm done, I'll put it on my flickr feed. It is quite unique, I've found nothing like it since (though it is a hypocycloid it was heavily altered, but still looks cool).
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As for how to do it - The original version rendered the image. By rendering, I mean directly simulated its creation. It had a mode where you could even watch it draw the image. The best solution would be to directly vectorize it, but, being a non-math/spline/beizer guy, I don't really know how, and I don't think I'm going to bother to learn.
I don't actually think guilloche designs are usually cycloidic, but I suppose some may be.
My scanner is going. At 1200DPI, however, it takes 30 minutes to finish, so it will be some time before I can get the image up (plus I still have to clean and fix it)....
...Working on cleaning image now, got distracted by making stupid hippie stuff for room...