white elephant [n., dated 15th century.]

1 : an Indian elephant of a pale color that is sometimes venerated in India, Sri Lanka, Thailand, and Myanmar
2 a : a property requiring much care and expense and yielding little profit b : an object no longer of value to its owner but of value to others
c : something of little or no value

White Elephant Gift Exchange our style [n., dated c. 2000]

Preparation

Step 1

Each person coming to the party needs to obtain, acquire, pick up, dig out, or scrounge up two gifts. The first gift needs to fit definition 2b, or c above. The second gift can be anything valued between US$5 and $10 (or whatever amounts you want to set) - but it may still fit the description of 2a, or b above.

Step 2

Gift-wrap the gifts separately. On a small piece of paper or gift card (one for each gift), write down a tantalizing description of the gift without "giving it away". Fold the description and attach it to the wrapped gift.

Example:

"A versatile and highly flexible organizational device essential to modern civilization, also deployed by men of war in many famous battles at home and abroad."

The object? A rubber band.

Step 3

The host/leader/organizer prepares some slips of paper each with a number. There should be as many numbers as there're people for the game.

Note: don't put the numbers on the gifts.

The Gift Exchange

Step 1

Put all the gifts in a pile up in front and each person draws a number.

Step 2

The person with number 1 choses a gift, read the description and opens it. (No shaking or pre-reading of unopened gift is allowed in the process of choosing.)

Step 3

The subsequent people take turns picking out an unopened gift to open OR "steal" one that has been opened. (So don't get too attached to any one gift! Isn't that a good lesson on life?!)

But: each gift can only change hands 3 times.

Step 4

Once everyone has gone around once, the second round starts - since each person brought 2 gifts. But how the sequence of the second round can either go in reverse so that those who were last are now first. Hmm... that's almost biblical!

Enjoy, and have a Merry Christmas! Let me know how it goes or share any new ideas & twists you have!