I always did. My mom would make them a decoration for their desk or something like that. We stopped once I went to high school and had like eight different teachers though. However my band and choir directors got end of the year presents and a tin of home made cookies at Christmas time.
If it was a good teacher then yes, but just like I don't reward my kids for doing a poor job - I'm not going to reward their teachers either.
For the teachers that I did buy present for it was usually a gift card to a store I know they liked.