A small gift; a gift of little value or a diminutive term for a gift.
From 'gift' + '-ling' diminutive suffix (similar to '-let' in 'droplet'), forming a word meaning something small or young.
The '-ling' suffix originally meant something young or junior—like 'duckling' or 'nestling'—so a 'giftling' is literally a baby gift, which is kind of adorable as a concept.
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