Cryptic crossword clue
Gift of mobile phone, with time exchanged for pounds 7

The most common and most likely answer to this crossword clue is the 7 letter word HANDSEL

I've seen this crossword clue in The Times
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The straight part
We know that "Gift" is the straight/definition part of the clue. The straight part is often a synonym or definition, in this case gift = handsel.
The cryptic/wordplay part
In cryptic crossword there's often an wordplay/cryptic part as well.
This part involves a more complex hint, such as an anagram, homophone, hidden word, etc.
Sadly, We don't have an explanation for this specific crossword clue yet.

What does HANDSEL mean?

HANDSEL noun
  1. A lucky omen.
  2. A gift given at New Year, or at the start of some enterprise or new situation, meant to ensure good luck.
  3. Price, payment; especially the first installment of a series.
HANDSEL verb
  1. To give a handsel to.
  2. To inaugurate by means of some ceremony; to break in.
  3. To use or do for the first time, especially so as to make fortunate or unfortunate; to try experimentally.

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