"The Gift of the Magi" is a short story written by O. Henry
(a pen name for William Sydney Porter), allegedly at Pete's Tavern on Irving
Place in New York City.
James Dillingham Young and his wife Della are a young couple who are very
much in love with each other, but can barely afford their one-room apartment due
to their very bad economic situation. For Christmas, Della decides to buy Jim a
chain which costs twenty dollars for his prized pocket watch given to him by his
father. To raise the funds, she has her long hair cut off and sold to make a
wig. Meanwhile, Jim decides to sell his watch to buy Della a beautiful set of
combs made out of tortoise shell for her lovely, knee-length brown hair.
Although each is disappointed to find the gift they chose rendered useless, each
is pleased with the gift they received, because it represents their love for one
another.
— Excerpted from Wikipedia, the free encyclopedia.