This was a common practice in my family (Cambridgeshire stock all) but I thought it had probably been discontinued until, a week or so after my grandson was born last October, my cousin arrived an immediately did the thing. These things hang on pretty thoroughly, it seems.

I think the silver for Christening gifts (which is still very much alive) is most likely related. I bought a silver bracelet from a charity shop for my cousin's daughter when she was christened. Cups, and egg/spoon sets are also popular. It doesn't matter if it's not new either (though handing them down is not appreciated ... you should hang on to your own) in fact secondhand seems to be slightly preferable.

:-)