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Well for my graduation in High School I got a new watch, some cloths, a new 25" TV, and a new pair of Nike shoes. I know this is a lot but a nice watch or cloths should do fine. Or get him a new TV or VCR. If he is going to college next year get him something he would need in a drom like a microwave or fridge.
My friend gothis dad's car for graduation. He got his Dad's 1991 Toyota Previa minivan absolutly free. Even better is his dad agreed to pay all insurance and gas on the car until he hit 21. So basically he has a car with zero money to put into it. And he got a $7,000 van absolutely free.
Another friend of mine got a new bike and nothing more.
Just goes to show some kids get more than others. Most important ask him what he needs most and get him that. Hoep this helped.
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