I  r-e-a-l-l-y  like this idea!  My niece, Melissande, just posted this on Facebook; I think it was found on Pinterest.  I like this a lot because it makes the child responsible for the consequences of his actions and the child does a job to benefit the household (as opposed to paying a fine or something like that).  It also offers choices.  The child decides for himself whether the item is worth “buying” back.  If so, he is given the choice of which chore to do to get the item back.  If not, mom and dad then know which things can “go the way of the world.”

The only thing I might add is an expiration date, such as “items will be gone after 3 weeks” or “…gone at the end of the month,” etc. so items don’t accumulate for months on end.

Next to the pick-a-chore envelope, the sign on the bucket reads:

UH OH!

You left it out.
Mom picked it up.
She’s got your stuff;
You’re out of luck.

To get it back
Must do a chore;
Again it is yours
Just like before.