The answer depends on family and community customs. Where I grew up, nobody celebrated eighth graduation nor thought about giving presents for it. Eighth grade was no different from 6th or 7th. However, if you get an 8th-grade diploma and there is a graduation ceremony to which you are invited, a gift may be appropriate. I see no especial reason why it should be money. Money is generally rather a thoughtless gift, but takes no time to pick out. If you are in the habit of giving gifts to this person and he always writes a thank-you note and expresses appreciation, give him your usual amount, assuming you have it to give.
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