Top answer: it's just a symbol!
And while I totally agree w/ that observation - what is the symbol representing?
Maybe a way to investigate is to examine the two instances of gift giving in the story. The first, about halfway through the book, is when the Winkies give gifts to their liberators:
Finding they were determined to go, the Winkies gave Toto and the Lion each a golden collar; and to Dorothy they presented a beautiful bracelet studded with diamonds; and to the Scarecrow they gave a gold-headed walking stick, to keep him from stumbling; and to the Tin Woodman they offered a silver oil-can, inlaid with gold and set with precious jewels.
The Winkies go on a spree at the Franklin Mint and give Dorothy and company gifts of useful objects inlaid w/ gold, diamonds, etc. Maybe they saw the gold cap the newly-deceased witch was wearing just prior to this passage - in order to command the flying monkees - and at some level want to pass along the power. That is, maybe a transitive relationship exists within these gifts, albeit one where the Winkies try to give something they never had themselves.
Near the end of the book, the Wizard gives the company gifts in order to keep his promise. Here is the exchange with the Tin Woodman:
"Come in," called Oz, and the Woodman entered and said, "I have come for my heart."Oz is also giving the Tin Woodman something he had already, but the gift makes it tangible. Also adding to its tangibility? The gash Oz is carving into him. In his breast.
"Very well," answered the little man. "But I shall have to cut a hole in your breast, so I can put your heart in the right place. I hope it won't hurt you."
"Oh, no," answered the Woodman. "I shall not feel it at all."
So Oz brought a pair of tinsmith's shears and cut a small, square hole in the left side of the Tin Woodman's breast. Then, going to a chest of drawers, he took out a pretty heart, made entirely of silk and stuffed with sawdust.
It's almost sexual.
The wizard's gift contains no gold or diamonds. The pretty heart is instead made of silk and sawdust, two contrasting items, one of shiny lustre (ie, lust) and the other a by-product of labor. If Oz is passing along any form of power, it's this symbolic awareness of lust and labor, contained in a hand-made art object.
And so maybe there are two ways to transmit a symbol? In currency, as a proxy for power, or in art, transmitting awareness of everything worth having.







