We've been hearing about this tooth for about three months now,
so this is a pretty big deal. I think he looks very cute.
Better to keep his expectations low I decided, so I told him. He demanded to be shown where I keep the teeth and so I did. (I have, for sentimental/irrational reasons, kept many of my children's teeth.)
He insisted I not play the tooth fairy that night so he could see for himself and I agreed--then he was mad at me the following day for telling him the truth and wanted to negotiate how much he would get for the tooth. I coughed up three bucks and told him to count himself lucky.