Hard to know without knowing the grandma. Is this a new grandmother in her early 50s with a little grandbaby? Or a grandmother in her 70s, 80s or more? I would say if she is a grandma of young grandchildren, she might enjoy something personalized with or by the kids. For over 10 years my aunt has been making my grandmother a calendar every year. It is always my grandmothers favorite gift, and she loves showing her calendars off to guests (she still has all of them).
My aunt makes the calendars with pictures from the past year, and personalizes the calendar with a different theme every month. She used to buy a blank calendar at a craft store and do a scrapbook page type picture for every month, but in more recent years she has created the calendars digitally (you can use Snapfish, Shutterfly or similar). She also puts in important family dates such as birthdays, anniversaries etc. as well as holidays and similar things of importance. My aunt always uses pictures from the whole family and not just her own children which makes them special to everyone, and the whole family looks forward to seeing the calendar at Christmastime.