A white elephant gift exchange or Yankee swap is a party game where white elephant gifts are exchanged during festivities. The goal of a white elephant party is usually to entertain rather than to gain.
The term white elephant refers to an extravagant but burdensome gift that cannot be easily disposed of, based on the legend of the King of Siam gifting rare albino elephants to courtiers who had displeased him, that they might be ruined by the animals' upkeep costs. While the first use of this term remains a matter of contention among historians, one theory suggests that Ezra Cornell brought the term into the popular lexicon through his frequent social gatherings as early as 1828.
Each participant supplies one wrapped gift. The gifts are placed in a central location, and participants determine in which order they will take turns selecting them. The first person opens a wrapped gift, and the turn ends. On subsequent turns, each person has the choice to either unwrap a new present or to "steal" another's. When a person's gift is stolen, that person can either choose another wrapped gift to open or can steal from another player. The game is over when everyone has a present. Generally, it is recommended to have at least six participants for the gift exchange party. With a larger group, game play may be more protracted.
Since the process of stealing can prolong the game and can confer distinct disadvantages to certain places in the order of play, multiple variations have arisen.