Fiver Party
A birthday party for a child where guests give $5
Example
I think fiver parties are a great idea
Yeah, even when I tell people not to bring gifts they still do
At least you can use the money to get something really cool for Ben
Fiver party definition by Slang.net - The Slang Dictionary
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A fiver party is a birthday party where guests are encouraged to give $5 instead of buying an expensive gift. The party was created in order to save guests money and then pool together the $5 donations to buy one big gift.
Fiver parties were invented to cut down on the waste of money and toys that a kid plays with for a few months then gives away. These parties are typically held for kids that receive a large amount of presents but they may also be held for adults in lieu of a bunch of presents and cards.