My husband believes the 2nd bear from the left is holding the book. It may look like a drum at first glance (as he is holding a stick). However, it turns out he might actually be the conductor! I was saddened at this potentially being the true answer because for many years I believed the answer to be “the I Spy book you are holding”!! The specific copy of this book I have is from 2001 & it is currently 2022 as I am answering this question, which means it took me 21 years to finish this page. Poor 6 year old me~ D;
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In the "I Spy: Holly and Ivy" book, the book can be found on the left side of the page near the top, underneath the magnifying glass. It is cleverly hidden among the various objects in the busy, detailed illustration.
On the gold coin that is mostly under the snow just above the white birds right wing