It is christmas time and Della is looking around for gifts
Jim walks in and sees Della's hair
Della sees the sign for hair and decides to get her hair cut. Della get $20 in return. Della's hair is extremely long and beautiful. It is also, her most prized posession.
They open their gifts
Della finally finds the perfect gift for Jim, a gold watch chain. Jim's watch is his prized posession.
And they lived happily ever after!
Della shows Jim her hair. Jim is completely shocked and confused. He looks around the room trying to find "where she put her hair." Jim also keeps asking many times what happened to her hair.
Jim gives Della her christmas gift, it is super expensive combs! Della gives Jim his gold watch chain and it turns out that he sold his watch for her combs. Just like she sold her hair for the watch chain.
Jim and Della say that they love and appreciate each other more than their prized possessions. They put their gifts aside and decide to spend christmas together as a family.