What is the summary of the story "THE GIFT OF THE MAGI"?

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pohnpei397 eNotes educator| Certified Educator

Jim and Della Young are a young couple living in a small apartment.  They have very little money -- Della only has $1.87 on hand at the start of the story.  It is almost Christmas.

Jim and Della each want to get the other a present.  Jim wants to get Della something for her beautiful hair (her most valued posession).  She wants to get him something for his watch -- his most valued posession.

The problem is they don't have money.  Della cuts her hair off and sells it to get money to buy Jim a chain for his watch.  He pawns his watch to get her combs for her hair.

So now they don't have their treasures and the gifts are worthless.

But the narrator says they are wise for giving those gifts.