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I must be out of touch here...I think teacher gifts are totally unnecessary...but for what it's worth, how about just a nice card wishing teacher the best for the holidays and the new year? It's the thought that counts (at least, that's what everyone says).
Hey, Math_Rocks, just in looking over some of the threads in this section, it reminded me of something from a few years ago that may fit the bill for you.
DW's niece was a fairly-broke college kid at the time, and when Christmas came around that year, she really couldn't afford to spend anything. What she did was put together a very nice mix of her favorite holiday music and songs, burned CD's and presented them to each family member in nicely wrapped jewel cases. Everybody loved it! At our house, we use it every Christmas Season for background music when we've got company.
Just a thought.