Something that the parents of a class all chipped in for, in the past for my Daughter's Teachers were:
a camera (which can be gotten at Costco for a good price)
and a Fan (also from Costco).
Teachers, have always LOVED getting that, for their classroom and since Teachers often take photos of class projects/class for their website as well.
In this way... the Room Mom of the class... organized the gifting for the Teacher.... with each parent, if they want, chipping in whatever dollar amount they want or can.
Usually.... at least in my Daughter's school... that is what happens.
But if a family wants to, they can get an individual gift, for the Teacher.
ALSO.... www.kodakgallery.com has GREAT photo gifts (AND photo blankets/throws).... for a Teacher or anyone. It can be something with the class photo on it or something. My daughter's Teachers, have also received that, and loved it.
ALSO... www.vistaprint.com has GREAT gifts/prices too... which you can personalize or put photos on. Good prices. I once got my Daughter's Teacher... a set of personalized sticky pads (because Teachers always sends notes home), pens, notepads etc. with the Teacher's name on it. For example: "Ms. Smith's Room." That way... their pens/pads cannot get lost/walked away with... and it is cute too.
And of course, always include a HAND written note/Christmas card with the gift.... just expressing appreciation for the Teacher or what he/she has done for your child, everyday. Teacher's appreciate that. I always do that... and have gotten heartfelt thank you's from the Teacher... for our notes/cards to them.
all the best,
Susan