Was reading Write About Birth blog, and encountered this entry, "Seven (weird) things you can do with your placenta"..
1) Eat it
Plenty of women eat their placenta these days. The thought of it may be a bit gross, but there are theories that eating your placenta will make you feel better, give you a boost of nutrients, and perhaps prevent or halt postpartum hemorrhage.
2) Bury it
Some families bury a baby’s placenta and plant a tree at the site, to honor the baby’s birth.