Five Children and It (The Psammead Trilogy, #1) by E. Nesbit

The five children find a cantankerous sand fairy, a psammead, in a gravel pit. Every day 'It' will grant each of them a wish that lasts until sunset, often with disastrous consequences.Never out of print since 1902. The Introduction to this edition examines Nesbit's life and her reading, showing the change in childrens' literature from Victorian times.