What does the cryptic crossword clue "It can happen at Christmas, misplacing small present (3)" mean?

This cryptic clue uses wordplay to arrive at the answer. Visit the page for progressive hints — definition, wordplay type, and a full step-by-step explanation.

It can happen at Christmas, misplacing small present (3)

Guardian Cryptic #26198 | 18 Across | 2014-03-04 flower

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