L.R.
When my son lost his first tooth, he got 4 quarters, 2 paper dollars, and 1silver dollar - the quarters and the silver dollar were for his piggy bank (silver dollar for the actual tooth, then to a child, quarters are fun to put into the bank), the 2 dollars were for him to save and spend when there was something he really wanted. since then, he gets 1 silver dollar and 2-3 paper dollars (he learned quickly that those were better!).
I made a "tooth fairy" pouch for him - I took an old pair of pants that had velcro back pockets. I cut the pocket out and voila, he loved his tooth pouch! With my daughter, I will have to make something frilly as she is girly-girly already!
I also use my computer to print out a "Tooth Fairy" letter - I have done that with each tooth - each time, I say something about taking care of his teeth and how shiny and white the one he lost was. There are letters online that you can look up and get ideas. I also save that letter as I "created" a sort of stationery for the tooth fairy - each letter is on the same stationery (it has clipart). And I sign for the TF each time in the same outrageous swirly handwriting.