The wedding invitation says ‘no gifts, presentation only’. What does that mean?

“Presentation only” means the bride and groom would prefer monetary gifts. From a wedding etiquette standpoint, it would have been more preferable to have this message of ‘money’ wedding gifts conveyed to wedding guests through close family and the wedding party rather than on the wedding invitation. In terms of how much you’d like to give, in the event that you decide you’d like to give a monetary gift, that is up to you (many will base it on how well they know the bride and groom as well as the cost of each seating at the wedding reception).