I can't go to a party empty handed so I always give a gift, and I like to give a gift that I know the person would want, so if it is money that they asked for I would give that. I'd rather give a present but also don't like to give a present that they will never use anyway!
Just my two cents worth though.
BTW we had a wishing well at our wedding and I personally wrote each thank you note telling each guest what we put their money towards, (lounge suite and coffee table) and I'll always remember that without our guests gifts we wouldn't have been able to purchase those. It didn't matter to us if people gave us $1 or $100 we thanked every body the same way.

anyway as I said just my opinion