Inspiration comes from the strangest places sometimes. We recently watched the movie Transformers (awesome movie) and at one point during the movie, a little girl reaches under her pillow and gets her tooth fairy bag. This scene stuck with me for some reason but not until my brother-in-law said something did I think about this. He said I should knit a tooth fairy bag so...
here it is. This is the first completed version of My Tooth Fairy Bag.

This is a photo of the bag before adding the I-cord. I had no idea how to add eyelets to a double knit piece so simply separated the two sides at this point and knit them one at a time.

I had no desire to fight with my double points or do any seaming (I HATE SEAMING!) so I thought, why not do it in double knit. I really like double knit. I had only done this technique once before but it's very simple and I really enjoyed it.

This photo of the top of the bag is kinda fuzzy...sorry about that. I wanted it to have some type of ruffle to it. I know nothing about ruffles in knitting so I just winged it with knitting into the front and back of each stitch for one row. I'm sure there's a better, prettier way to have done this but I don't know it. lol
I will post the pattern for it later if anyone is interested.