Well, the title of the story, "The Gift of the Magi", refers to the 3 wise men that brought Christ some very elaborate gifts as a token of their love and homage. Both Jim and Della do the same; they present very expensive gifts, as a way to show each other that they love one another. However, they learn that it is not the gift that matters, it is the sacrifice offered, the effort given, the lengths that one is willing to go to in order to show your love for someone. Just as the 3 wise men most likely travelled a great distance to find Christ, through untold hardships, Della and Jim also sacrificed greatly to obtain the gifts they did. But, in the end it wasn't the gift that mattered as much as their presence in each other's lives, and the fact that they were willing to do so much to show their love for each other.