I would still gift it. It is pretty, which is what matters. Intertwined three initial monograms are often a little tricky to read--I think you have to think of them as kind of stylized versions of the actual letters.
IBN. I didn't see "J" initially; a J would be curved rather than pointed at the top, or it would have a closed-loop bottom and wouldn't have such an inverse right side, at least imo. But you all had me questioning my judgment (and impaired vision tyvm. I'm not due for another check until January so quit scaring me like that!) And it's definitely a B (last name, middle letter?) Maybe I'm blind or everyone else is calligraphy-challenged? (But then I'm also old as dirt and learned script in kindergarten with the dinosaurs.)