I have one. My husband has one. And I have just bought one each for my two children.
We have everything from sacramental certificates, to newspaper articles in which our name or photo appeared, to school awards, to sporting ribbons (of which I have three...yellow ones...and my husband has 33...yellow, red and blue ones!), to report cards, to piano exam certificates.
My husband's was an old photo album with those plastic sheets that are supposed to stick, but they had lost all of their 'sticky' and everything was falling out. So my five year old boy and I had a wonderful time putting all of his treasures into a brand new folder. There was much oohing and ahhing from my little boy. He is absolutely dying for the school sports day now, so he can win as many ribbons as Daddy. He asks almost every day, "When is sport's day?" I hope he takes after his father and not his mother or it may be a very big let down!
But today we have the first item for the boy's folder! His Prep class photo was in the local paper. Unfortunately they spelt his name (and a few others) incorrectly. But it's a nice photo. And so begins the filling of the 'Special Folder'.