Our guild has done a "sweet treat" trade. These are (for us, anyway) a small bundle of 4 fat sixteenths = fat 1/16th = a piece of fabric cut 11" x 9". We tie these with a sweet ribbon both ways across the middle. They are folded into 2.5" x 3" little packages

Jan in VA

Itty bitty doll quilt. Pillow Case. placemat,

I like the UFO idea, that would be a fun and suprise swap

Fantastic ideas!!

Thanks Ladies for all the wonderful ideas!

Potato bags for the microwave are popular in my area.

Charm squares, layer cakes (10"), strips

Our guild does an "ugly-pretty" challenge each year. Each person brings in a fat quarter she thinks is ugly and another she thinks is pretty. We put them in separate bags and then draw. Each person makes something no more than 12" square (and it can be any shape) for a big reveal in a few months. Really fun!

Specific colors. For example, red fat quarters, purple half yards, green jelly roll strips, etc.

We are doing a gallon bag of scraps. The other thing I was thinking is get a lot of the same fabric on sale, we have a small group, and give each person a fat 1/4 of that same fabric. They have to use this fabric in a project. Projects can then be blind swapped or just kept by that person. They may already have something they plan to make for someone else or themselves but can always use it for a gift later. I plan to let them keep the project and do with it what they want. Could get a fat 1/4 back in exchange to be used for a later guild project.

Half square triangles.
You can do so many designs with them. Then you could do a show and tell.