Basically, it’s a birthday party where you ask guests to give a $5 bill to be used towards a big ticket item (that the parents buy), instead of each guest bringing a smaller present.

I don’t know. I’ve never heard of this before, and I don’t like the idea of asking guests to bring anything. But unless you say no gifts, clearly just about everyone is going to bring something anyway and probably spend more than $5 on it. Would have been a cute idea for a 5th bday. And maybe for my mid December birthday it would work since between family bday and Christmas presents she does not need a lot of other presents, but I can only get away with no gifts for so long before she starts noticing.