As a teacher, I rarely get much in the way of gifts. It's not the done thing in this part of the country, and by law we arent't allowed to accept anything of greater than $10 in value. Often, it make me feel awkward getting gifts from students, because I have to give them grades, and expensive gifts REALLY make the kids who can't afford to give gifts feel really bad about themselves. Please keep this in mind when considering gifts!
Sometimes, it feels like I'm accepting bribes. I also once had a male student drop off a dozen roses for me on my last day of student teaching. That REALLY made me feel akward, especially because it was sucha public gift and all. the student had left the building for the day when he gave it to me (work leave) So I couldn't give them back, andI hadn't done anything inappropriate, but I'm sure there were whispers.
Really the best gift from my perspective, is a nice handmade thank you note, or something of little or no monetary value. Something with a little effort put into it. I love getting drawings from students, especially those who are artistically talented (drawing/painting), or if your kid is into some other kind of craft, like woodworking.
Having said that, my favorite gifts to date have been: a glass apple one of my difficult students gave me (he was ADHD, so saying thanks was literally very hard for him, the gift was his way of saying thanks. He bought it with his own money), a painting of Ceasar that a student let me keep, a handdrawn comic book a student gave me, and a wood carving a student made in wood shop. The very best gift a student ever gave me though was a simple, "Thank you, this [using a computer instead of hand writing] is SO much easier for me!"
Really, a hearfelt thanks is something that many students forget these days, and it's really the best gift your kid ca ngive a teacher. I don't mean the perfunctory good manners kind of 'thank you' ; you know, the kind that sounds like a drill. Those are nice to hear, but the ones that really melt our hearts are the kind that come from the heart. When a kid says, "Thanks for working with me after school." "Thanks for giving me a little extra time." "Thanks for accomodating my special needs."
If you really want to do something special, have your kids list out five things each of their teachers have done for them, and then have them write a thank you note for the top item.