Here’s a few ideas that came into my mind after reading everyone else’s great suggestions.
A treasure box (for holding keepsakes like tickets, and small souvenirs from places that baby will visit for his first time, like the movies, the airport, Disneyland etc.) that you will decorate with the child’s name in paint or mosaic tiles or wood burning etc. Find a plain wooden box at a craft store.
A glass vase onto which you will etch the child’s name and birthdate onto and then present the vase filled with mom’s favorite flowers. You can get glass etching creme from a craft store and use pre-made stencils or cut your own.
A baby shirt made with fabric that will also match an apron or a scarf that you make for her (I love gingham fabric and blue or black or green or red would be good choices)
You could buy and decorate some type of already made book with empty pages and storage envelopes which you could decorate to represent Baby’s 1st year of Holidays. It would have places to collect/display holiday cards and photos from his first year.
Or you can type up and have bound (at Kinkos or other copy store) a book in which you ask all sorts of questions and then have mom fill in the answers. Examples of questions would be: What was the first thought that came into your mind when you saw him? (add baby’s name)
What was the first type of fruit he ever ate?
How did he react to seeing Xmas lights, or jack-o-lanterns or fireworks for the first time?
Describe baby’s cutest body parts (toes, dimples, cowlicks etc.)
How does baby react when he sees a dog or a cat?
What was the first TV show that baby ever looked at?
Please let us know what you decided to make and post a photo if you can : )