Wrapped. My DH used to have a system so that NO ONE could figure out who got what. He and I would wrap presents and then only put a NUMBER on each one. No names. The only way to tell who got what was in a small notebook that lived in his shirt pocket and was carefully guarded. Even when bathing he took it in the locked bathroom with him!!! Drove the kids (and me at times) crazy smelling, shaking and lifting each gift.