This is a notation I have found useful. But, before I begin:
To determine a vector by its coordinates, one needs a priori some idea of "what the coordinates mean". For example, if I tell you to "go that way 1, and turn left and go 4", a natural question to ask is: "which way" is "that" way (north? south? down a certain road?), and 1 and 4 "whats" (feet? miles? kilometers? blocks?)?.
So, given a basis $B = \{v_1,v_2\}$ of a two-dimensional vector space $V$ over a field $F$, I will write:
$[c_1,c_2]_B$ as shorthand for the formal linear combination:
$c_1v_1 + c_2v_2$.
It is important to realize that a matrix $A$ DOES NOT REPRESENT a linear transformation, per se. It rather represents a linear transformation GIVEN bases for the domain space, and co-domain space. If our linear transformation is $T$, we might write:
$A = [T]_B^C$
to denote that:
$[T]_B^C[v]_C = [T(v)]_B$
(It is a matter of choice which base one puts "up" or "down", I have made MY choice so that "up and down cancel" mimicking the Einstein summation convention).
When one writes an element of $\Bbb R^2$ as $(x,y)$, one is actually appealing to the "standard basis": $\{(1,0),(0,1)\}$ sometimes written as $\{e_1,e_2\}$ or $\{\mathbf{i},\mathbf{j}\}$. This basis is "invisible" because the coordinates in this basis match the vector itself.
But a vector space is not, "linear combinations of basis elements" per se, a vector space does not "care" which coordinates you use. A basis is a way of DESCRIBING a vector space, and different descriptions (different coordinate systems) are possible for the SAME vector space.
In $\Bbb R^2$ any pair of linearly independent vectors, can be used as a basis. In what follows I will call the bases like so:
$C = \{(1,0),(4,7)\} = \{u_1,u_2\}$
$B = \{(0,2),(2,1)\} = \{v_1,v_2\}$.
So, for example, $[1,0]_C = 1u_1 + 0u_2 = 1(1,0) + 0(4,7) = (1,0) + (0,0) = (1,0)$ whereas:
$[0,1]_C = 0u_1 + 1u_2 = 0(1,0) + 1(4,7) = (0,0) + (4,7) = (4,7)$
The "change-of-basis" matrix from $C$ to $B$ is simply the matrix:
$_B^C$, where $I$ is the identity linear transformation. Given a vector $[v]_C$ in $C$-coordinates it spits out $[I(v)]_B = [v]_B$ in $B$-coordinates.
It should be clear that the first column of this matrix will be the image of $[1,0]_C$, that is whatever (1,0) is in $B$-coordinates. To find this, we set:
$(1,0) = [a,b]_B = av_1 + bv_2 = a(0,2) + b(2,1) = (0,2a) + (2b,b) = (2b,2a+b)$
and solve for $a$ and $b$. This makes it clear that:
$b = \frac{1}{2}$
$a = -\frac{1}{4}$
Similarly, the second column of the matrix will be the image of $[0,1]_C$, that is, whatever (4,7) is in $B$-coordinates. Again, we solve:
$(4,7) = [a',b']_B = a'v_1 + b'v_2 = a'(0,2) + b'(2,1) = (2b',2a'+b')$ giving:
$b' = 2$
$a' = \frac{5}{2}$.
So our matrix should be:
$A = \begin{bmatrix}-\frac{1}{4}&\frac{5}{2}\\ \frac{1}{2}&2 \end{bmatrix}$
Let's, as a sanity check, verify that this matrix does what we want it to. Let's pick a random vector in $\Bbb R^2$, say (-2,5). If we've done our job right, then:
$A([v]_C) = [v]_B$
So first, we find what (-2,5) is in $C$-coordinates. This is the same process we've done twice already:
$(-2,5) = [r,s]_C = r(1,0) + s(4,7) = (r+4s,7s)$, yielding:
$r = -\frac{34}{7}$
$s = \frac{5}{7}$
Computing $A([-\frac{34}{7},\frac{5}{7}]_B)$ we obtain:
$[3,-1]_B$. Is this (-2,5) in $B$-coordinates? Let's see:
$[3,-1]_B = 3(0,2) - 1(2,1) = (0,6) - (2,1) = (-2,5)$.
Why, yes, it is.
*******************
There is an alternate way to do this, by relating both $B$ and $C$ to the standard basis. What we do here is find the change-of-basis matrices that do this:
$P: B \to \text{standard}$
$Q: C \to \text{standard}$
then it stands to reason that $P^{-1}$ is the matrix that does this:
$P^{-1}: \text{standard} \to B$
so that $P^{-1}Q$ does this:
$P^{-1}Q: C \to \text{standard} \to B$
which is what we want. The matrices $P$ and $Q$ are easy to write down, the columns are just the vectors of $B$ and $C$ in the standard basis. That is:
$P = \begin{bmatrix}0&2\\2&1 \end{bmatrix}, Q = \begin{bmatrix}1&4\\0&7 \end{bmatrix}$.
(Take a moment to see why this is so).
The difficulty here is in inverting $P$, but for a 2x2 matrix this is not so difficult, we find that:
$P^{-1} = -\frac{1}{4}\begin{bmatrix}1&-2\\-2&0 \end{bmatrix}$
and thus:
$P^{-1}Q = \begin{bmatrix}-\frac{1}{4}&\frac{1}{2}\\ \frac{1}{2}&0 \end{bmatrix}\begin{bmatrix}1&4\\0&7 \end{bmatrix}$
$= \begin{bmatrix}-\frac{1}{4}&\frac{5}{2}\\ \frac{1}{2}&2 \end{bmatrix}$
which is the same matrix we obtained above.
Perhaps it is just me, but I found most of the previous posts nearly impossible to decipher. The above approach was adapted largely from a similar discussion on Paul's Notes on Linear Algebra site, which unfortunately no longer exists.