Do parents have to give gifts of equal value to their children?

Quick answer is "no."

But there's a question as to what "equal value" is. If you mean "equal
cost to purchase," then definitely not. The real value to the child is
the perceived value/desirability of the gift. Excuse the sexist
example, but consider fraternal twins--boy and girl. The boy might
highly value an "X-Men" plastic figurine--say of Wolverine, as my son
did a number of years ago--or whatever the latest craze is. The girl
might equally highly value a "Barbie" doll. The Barbie might cost $15,
while the Wolverine might cost $10. They're not of equal monetary
value, but they would be of equal perceived value to the children.

Superficially, you might think you could get around this by giving
each, say, $10 or perhaps a $10 gift certificate. Even then, though,
there might be a difference in perceived value. Again, to use a sexist
example, the girl might want a gift that showed that you had put a lot
of thought and consideration into the selection...something special,
just for her. The boy might prefer the money because he's just
interested in going out and buying candy or comic books. Thus, even
with identical gifts, the recipients might attach different values to
them.

Hope that helps.

Coming from the point of view of a child, I would say yes. My brother
and I always received the same value of our gifts, even if that meant
one of us received more than the other. When there is something that
they want children KNOW know how much it costs. It is really important
to keep it fair, otherwise one child may feel like the parent (or
present giver) doesn't like them as much.

I'm a Mom, 40 yrs old and I've got 2 boys, 16 months apart.  I, too,
was a sibling 16 months apart from my brother. Now that you know where
I'm coming from the answer is "no". It's Very frustrating because in
the 2-6 year old times they seem to desire the same things.  The
younger wants to be like the eldest and sometimes the eldest is
jealous of what the youngest got while he was at school.  Competition
is natural and I don't hinder it.  I believe it stems from the
survival of the fittest.  Besides, I want my children to be
independant and self sufficient even though I know when they leave my
nest it will break my heart. Keep in mind life is not fair, nor will
their employers be, and teaching them to keep score will only limit
them and bring resentment.  Besides that's not what life's really
about.  Show them love and encouragement and teacher them to share.
Embrace the power of 'no' with children and watch their eyes light up
when you say 'yes'.  Good luck!and keep in mind I'm an on-the-job-Mom
in training too.

Hello
The answer is 'no'
-But, it is better to say yes(children usually will start fighting,
and I think you don't want that)
I know it because i'v been a kid too...
Kroc

I say NO.  I just tell my kids there is going to a time when one or
the other is going get a more expensive gift.  It will all equal out
by the time they are grown!