My Mom was extremely creative at explaining away the inconsistencies in the Santa theory.

BUT...

In 3rd grade the music teacher at my school asked a mixed class of 3rd and 4th graders "Who still believes in Santa Claus?" I started to put my hand up, but considered the implications of that question as I did. Then I put my hand back down.

I do remember reasoning that in case Santa didn't exist, when I had a child of my own I would put presents under the tree for them "from Santa" for their first Christmas. Then I'd know the truth for future years based on whether there were presents under the tree that I didn't put there.