Losing the first tooth is a major childhood milestone that's often rewarded in the form of a small fee, left under the pillow by the mysterious Tooth Fairy during the night. The cherished tradition of the Tooth Fairy has been around for decades, but the amount a child receives for losing teeth has fluctuated over the years.

Since 1998, Delta Dental has annually conducted its Original Tooth Fairy Poll. Not only is the annual poll a fun way to gauge how generous the tiny fairy had been in the previous year, but surprisingly, it's also a good barometer of the overall direction of the economy.

Over time, Delta Dental's Tooth Fairy Index has shown that the value of a lost tooth is closely related to the country's economy. The poll collects the Tooth Fairy's average giving and then compares it to stock market activity to show how the value of a lost tooth relates to the current U.S. economy. The data also determines how Tooth Fairy payouts compare from state to state.

In order to gather information for the Tooth Fairy Poll, more than 1,000 parents of children ages 6 to 12 were surveyed using an email invitation and an online survey. The sample was designed to capture a broad spectrum of the U.S. population, not just those with dental insurance.

Although there's been an overall 285 percent increase in Tooth Fairy payouts since 1998, this is the second year in a row, that the elusive nighttime gifter is apparently cutting back on payouts.

Back in 1998, a lost tooth would earn around $1.30. Nowadays, the national average is $5.01. According to the latest Delta Dental Tooth Fairy poll, the national average for a single lost tooth dropped by 14 percent over the past year.

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But how do Tooth Fairy payouts in Colorado stack up against the national average?

The survey broke down the results into four different regions. Colorado is lumped into the West, where the average payout is $5.69 per tooth. This compares to the Southern states, where the average is $5.71 per tooth, the Northeast where it's $4.59 per tooth, and the Midwest, where the average payout is $3.46 per tooth.

According to Delta Dental, talking about the Tooth Fairy’s giving habits makes for an excellent opportunity to help kids develop positive dental habits at an early age.

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Gallery Credit: Tanner Chambers