When I was a kid, if we did any exceptional work, we would get a head teachers award presented to us in front of assembly.
My dd goes to one where they have a learning ladder. When you get to the top, you get a sticker and got to the bottom again.
Once you've been to the top so many times, they are allowed to choose a toy from a reward box and are presented with a bronze award. (A certificate and a badge)
It is announced in the newsletter and you can watch your child receive their certificate
The certificates goes all the way to platinum though I think the platinum is had to get as the first two were only awarded last week and were both to key stage 2 children.
So what reward system does your school use?