What's a good parting gift, if any, for my outgoing boss?

A little history:

My boss is currently the President of the organization that I work for. I work for an organization that represents thousands of members who are employees of local government.

An election was held, as it is every four years, and he lost. The person who won, who is going to be the new President, is a good friend of mine.

My current boss, the current President, says he likes me but he was not always the nicest boss. One example, without going into too much mundane detail, is if someone does something wrong, he reprimands them and puts them on the spot in a staff meeting in front of everyone else.

If he was re-elected, I’d probably be looking for another job because I was feeling tired of the conditions we have here now. However, I don’t dislike him and I wish him well in whatever he does in the future.

He knows how I feel, he knows how he was as a boss and he knows that I am happy that my friend got elected as the new President.

Would it be appropriate to give him a gift or a card when he leaves?