Valentine's Day is in one week, and this is one of the nicest homegrown ideas we've seen for a classroom Valentine exchange. It's gender-neutral, complies with any and all school candy/allergen prohibitions, provides a nice at-home craft activity for the giver and a wearable memento for the recipient.
These Valentines were a collaborative effort between dandee's Danyelle and her daughter, Abby. They made 25 bracelets and laced them through cards made with a scalloped edge paper punch. Danyelle and Abby made braided bracelets, but this activity/gift could be easily adapted for a child's fine motor ability with beaded bracelets, finger crochet or more advanced friendship bracelet techniques (we found lots of tutorials here).
To see more details and download a PDF of their card, check out the post on dandee.