These three gifts were standard gifts to honor a king or deity in the ancient world: gold as a precious metal, frankincense as perfume or incense, and myrrh as anointing oil.
While these gifts had a very practical purpose, there is also a great deal of spiritual symbolism in the gifts offered in terms of Jesus as Priest, Prophet and King.
Jesus gave us all a better gift: The gift of a clean slate and forgiveness from our sins; all you have to do is take the gift.