What I give for a baby's Baptism varied depending on how well I know the recipient family and what they might like. I'm catholic so have gone to mostly Catholic baptisms.
I have given savings bonds. I like to give savings bonds to children because they are eventually double what you pay for them...for example, if I give cash, and I give $50, then the kid gets $50. If I give a savings bond and I spend $50, the kid eventually ends up having a bond worth $100 if they hang onto it long enough, which in the case of babies, isn't so hard to do. And even if it does need to get cashed in early, it's still worth what I paid for it.
I have given a nice cross...not a babyish cross but one that they would be able to use throughout their lifetime, even in their own home if they chose to. I like to try and find a nice pewter cross, as I think pewter is a look that can go with pretty much any decor.
I have given a savings bond and this cute little lamb, very soft, that plays "Jesus Loves Me This I Know" when you squeeze its paw. That was a big hit because it was something for the baby now and something for the baby's future.