It was the custom for those who could afford it to present a gift to the King when having an ordinance with him. Christ, who is the King of all Kings only desires us to come before Him with a broken heart (Repentant heart) and a contrite spirit. (Feeling or expressing pain or sorrow for sins or offences).
The phrase comes from the three wise men bringing gifts to Jesus.
Because in Eastern and Greek Orthodox churches the feast of the Epiphany or Three Kings is equivelent to Christmas.......and it is the day when gifts are given as we do on Christmas.
The three kings
The kings who brang the gifts
Frankincense, Gold and Myrrh
On Three Kings Day.
we celebrate the three kings day because the three kings were the ones that bring the gifts to child Jesus
He gives him a hug.
The reason was that Viking Kings would give the gifts of their raids to their followers. Often this included rings. It was a cultural aspect wherein the lords provided for their people or friends.
frankincense, myrrh, and gold
The Three Kings or Epiphany celebration (January 6) is the time of the year when Mexican people exchange presents and gifts are given to children -- they don't believe in Santa Claus, a Nordic character. Historically, the Three Kings were the Biblical Magi, or Three Wise Men: Melchior, Gaspar, Balthazar. They visited Jesus after his birth, giving him gifts of gold, myrrh and frankincense.
Epiphany, 6 January