Oh, i forgot to add - when i was a kid i hid my tooth in a plate of flour. Mum used a tooth pick to make 'footprints' in it and $1 was left in place of the tooth.
At home now with my kids we just use a glass of water on their side table.
I love the footprints idea!!!

Growing up we left our teeth in a glass of water (vegemite jar glass!!) in the kitchen on the window sill & in the morning would find money in its place.... usually 20c but once we were at our uncles place when my sister lost a tooth & were surprised how rich the local toothe fairys were there, she got about $3!! (my 8 or so cousins, aunty & uncle all threw change in aswell lol)
Mum kept all our milk teeth & we used to play with them (eewwwwww) she still has them in a match stick box.... my older brothers, older sisters, twin sisters & mine!!!

In my house I have always told DD that the tooth fairy only likes clean teeth so she's always been good brushing her teeth We will put the teeth in a glass of water aswell & the tooth fairy will throw in a heap of silver coins I think

Actually it's very exciting as DD has her first very wobbly tooth so I think over the long weekend we might be getting our first ever visit from the tooth fairy!!!