I'd get a Little People toy (bus, train) and maybe some extra people to go in it, since they only include two now. It's safe enough for that age, and if he's anything like my boys, pretty soon that kid is going to be all about trucks and trains. It can also continue to be used and loved for a few years. Spend the rest on something practical and cute, like a really adorable fall coat. Check out Joules and Boden for some ideas.
If you want more toy suggestions, I also really like the Fat Brain toys for this age, but I'm sorry to report they'll be over both by age 2:
Whirly Squigz -
https://www.fatbraintoys.com/toy_companies/fat_brain_toy_co/whirly_squigz.cfm
Spin again -
https://www.fatbraintoys.com/toy_companies/fat_brain_toy_co/spinagain.cfm
Megablocks are also good for the 1-2 year set.