Presents are grab bags that have a 7.69% chance (1/13) to be dropped by any enemy during the Christmas holiday season ( December 15–December 31 / December 1–January 15). They are opened by pressing the ⚷ Interact button on them in the player's inventory, similar to other grab bags. Presents can be opened anytime, even outside the Christmas season.
Presents always appear as blue in the player's inventory. Once placed, the present will appear as a random color. The old Blue, Green, and Yellow Presents still exist on the Windows Phone version and Nintendo 3DS version, and they cannot be placed.
Initially, Presents dropped from Present Mimics could be placed, although they disappeared after placement. They no longer drop, but have not been removed. For more information, see Present (Furniture).
Any enemy that has more than 1 max health, deals more than 0 damage, and drops coins has a chance to drop a Present.[1] Therefore, enemies spawned by statues, enemies from the Old One's Army and Lunar Events, and the Slimer with wings will never drop Presents.
Presents can be placed down as furniture. The color of the Present changes each time it is placed down.
If a vanity set is dropped, all three parts will drop. The individual pieces never drop alone.
Tips
Presents can easily be farmed during events that spawn many enemies, like the Solar Eclipse.
Trivia
After the 1.1.1 Christmas update, nearly any item could erroneously drop from presents.[2] This glitch has since been fixed.
One of the variations of a placed Present has the same colors as the old Green Present item.
Blue Present, Green Present, and Yellow Present (Item IDs 599-601) 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.