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Anna had never done an Exchange before. Not on her own.Holding her mother tightly, Anna watched from the doorway as the angry owl flapped off into the dawn. “I made it home just in time,” said her mother. “But the tooth! Do you have it?”

Anna held up the bag her mother had dropped to the floor. It was light and sturdy, woven of the finest spider silk. “It’s here,” she said. “But look at your wing! It’s torn!”

“It will heal,” said her mother. “It’s the tooth that’s important.” She sighed. “And I almost didn’t find it. Ten-year-olds are the worst, Anna. Losing a tooth isn’t exciting to them anymore. The Exchange doesn’t mean much. I finally found this one in a clutter under the bed, and by then it was almost dawn. That’s the most dangerous time. You know why, don’t you, Anna?”

“It’s the first thing you taught me,” said Anna. “The tooth makes you visible. In the light, anything could see you.” She shivered.

“I must rest now,” said her mother. “I must be strong again soon. Very soon.” Her voice trailed off, and she slept.

Soon, Anna thought. She knew what her mother meant. Any day the smallest child in that family would lose its first tooth. If her mother couldn’t fly, it would be up to Anna to take the coin and make the Exchange. A first tooth was very special, and any mistake would be terrible.

But Anna had never done an Exchange before. Not on her own. She couldn’t do it! She couldn’t.

All day as her mother slept, Anna watched the drop of dew that quivered over the front door. She hoped against hope that it would stay clear. But just as the moon rose, the drop darkened. It turned from yellow to green to a deep, steady blue. Blue, the color of a first tooth.

Anna looked at her mother, who was tossing restlessly with the pain of her injured wing. It was clear that her mother could not go. So Anna must.

She slipped in through the open window.Giving herself no time to think, Anna carefully picked up her mother’s worn bag and hung it around her neck. Then she flew out of the house and down, down to the warm human world below.

She dived into the green rustle of a tree and tried to quiet her racing thoughts. The house was so big! It was so full of giants! And if one of them saw her . . .

Don’t be silly, she told herself. They can’t see you, at least now they can’t. Finally she took a deep breath and slipped in through the open window.

Except for a small light, the room was dark. But Anna had little trouble in her search. Even to people, a first tooth was special. This one was sitting under a tiny glass next to the sleeping child.

Using all her strength, Anna managed to lift the glass. Her heart pounded as she replaced the beautiful first tooth with a beautifully polished coin. It was a perfect Exchange. She slid her treasure carefully into her bag and then froze.

Trapped!Someone had opened the door. And Anna was now visible. She fluttered into hiding and held her breath.

A huge figure walked over to the bed. It leaned over and pulled the covers up around the sleeping child. Then it crossed the room, pushed down the window, and left.

With a flurry of wings, Anna was at the window. Shut tight! She was trapped inside a human house, where her mother could never reach her.

Anna fluttered desperately against the window, searching for a way out. Suddenly, something loomed up beside her. It was the child.

Anna closed her eyes in terror. And then she felt gentle fingers touch her trembling wing. The child whispered something Anna couldn’t understand and pushed up the window.

She was safe.In a moment Anna was free. From her place of safety behind high green leaves, she peeked out. There, still at the window, was the child. It had seen her and touched her and let her go, and Anna would be grateful forever.

She checked for owls. Then, her heart full of joy, Anna flew home. She was safe. The precious tooth she carried was safe. She had made her first Exchange.