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It is a mitzva to have a festive meal in honor of this special mitzva. This is how a pidyon ceremony is customarily conducted: Everyone does the ritual hand washing and eats some bread. Immediately following this, the father and the priest stand up and the father hands his firstborn to the priest. The priest asks the father, “Which do you prefer: to give me your firstborn son, the first birth of his mother, or to redeem him for five selas as you are bound to do according to the Torah?” What the priest is really asking is, “Do you prefer that your son be limited to holy work, or would you rather redeem him so he can live a normal life?” The father replies, “I wish to redeem my son. I present you with the cost of his redemption which I am bound to give according to the Torah.” He then recites two blessings: “Blessed are You, Lord our God, King of the universe, Who sanctified us with His mitzvot and commanded us concerning the redemption of a son,” and “Blessed are You, Lord our God, King of the universe, Who has given us life, sustained us, and brought us to this time.” The father then gives the coins to the priest. The priest recites the priestly blessing (Numbers 6:24-26) over the baby, as well as additional blessings, and returns him to the father. Finally, the priest picks up the wine cup, recites the blessing over it, and drinks, to express his joy in performing this mitzva. The meal then resumes.
Nowadays, priests do not actually serve in the Temple nor specifically serve as teachers. Accordingly, many priests return the money to the father. However, they are not obligated to do so.
