Presents are special items that have a 7.69% chance (1 in 13) to drop from any enemy, with the exception of those spawned by Statues, during the Christmas holiday season (December 15–31). Presents operate like grab bags, each containing random items. They are opened by right-clicking them within the player's inventory, similar to Goodie Bags and Crates. Presents can be opened outside the Christmas season.
If you missed the holiday seasonal event and you just can't wait, changing the date on your device to a time between December 15th - 31st will allow you to receive presents from monster drops as well as have Santa Claus
move into a House
- Presents can be placed down as furniture. The color of the present changes each time you place it down.
- If you open a present and get an outfit, you get all 3 parts.
- Apparently after the 1.1.1 Christmas update, some unusual items could drop from presents. There are reports on the forum of drops which included Steampunker wings, Holiday Bauble (Elfa pet), Hardmode items: Mythril Anvil, Hallowed Repeater, Megashark, Hamdrax and Ice Rod, Copper, Silver and Gold Watches, GPS, various ores and bars, weapons: Star Cannon, Starfury, Bladed Glove and Demon Bow, boss summoning items: Mechanical Worm, Mechanical Skull, lower tier Swords and Bows, and more common items like doors, tables, acorns, and gel. 
- 1.2.3: Present Mimic now only drops Presents during Christmas.
- Blue Present, Green Present, and Yellow Present (Item IDs 599-601) are not affected by this update, and no longer drop. Any of these still in the player's storage or inventory remain unchanged.
- Enemies now drop Present (Item ID 1869) instead of the previous Blue, Green, and Yellow Presents.
- Now stackable.
- Now placeable, with eight different color variations when placed.
- Larger assortment of possible drops (previously only contained Candy Cane Blocks, Green Candy Cane Blocks, or Snow Globe.
- 1.1.1: Introduced.