I'm guessing it's for a boy? Maybe something with his birthstone in. A leather bound book set with a stone?
I wouldn't like the alcohol (drink it and it's gone), hip flask (old man) or snowglobe (naff).
I usually buy a tree or perennial plant with a name somehow related to the child. Fruit trees are especially good as the child can eat the fruit as they get older. Of course not so good for families that move house a lot!
The Velveteen Rabbit We're going on a bear hunt Eric Carle set The Gruffalo Hug Owl Babies Water Babies Just So Stories The Old Lady Who Swallowed A Fly The Tiger Who Came to Tea Because I Love You You Are Special You Are Mine When We Were Very Young I Love You Forever Oh The Places You'll Go The Story of Babar The Tale of the Three Trees Wind in the Willows Peter Pan Rupert Bear Paddington Bear A. A. Milne Winne the Pooh stories Thomas the Tank Engine (old editions with beautiful pictures)
Not sure if these ones are too girly?
Beatrix Potter Narnia Alice Through The Looking Glass Madeline Pippi Longstocking Milly Molly Mandy
we have lovely gift editions (in a slipcase but bound as one book), the Beatrix potter, thomas the tank engine, winnie the pooh
you can also get a Baby and Toddler Treasury from Puffin, which has loads of different stories and poems (little picture book stories - nothign huge)
but there's also an egmont Childhood Collection, which has winnie the pooh, barbar, thomas and something else - can't see it from here, but you get the idea - the Puffin one is £14.99 and the others are about £30 each.
if you're doing books, the best thing you can do is go to your local bookshop (preferably independent! ) and have a look at their offerings - there are sooo many lovely gift editions that can be keepsakes available.