The story starts off with Della, crying on the bed. Tomorrow is Christmas, and she only has $1.87 to buy a present for her husband, Jim.
No Hair for the Combs
My hair is gone...
Dell goes into town and sells her hair to a hair collector, Mrs. Sofronie, the owner of "Hair Good Of All Kinds." Although she hesitant at first, she got 20 dollars.
No Watch for the Chain
I got you a chain for your watch!
Dell goes store to store, looking for a present for Jim. She finds a chain for his pocket watch. It was Quiet and valuable, just like him. The watch was one of the things they treasured most along with Della's hair, so she knew this was the one. Della bought it for 21 dollars and had 87 cents left.
The Magi's Will
Della worries that Jim will not accept her for her new haircut, as she looks just like a little schoolboy. Although he wasn't mad, Jim is shocked to come home to Della's short hair, as he has just bought her prized combs for them.
But! But, the combs...
Della shows him the chain for Jim's watch, but he tells her that he sold his watch to get the money for the combs.
The two put their gifts aside and enjoy their Christmas Eve. Although they had practically nothing, they felt like they had everything. They say the Magi were wise men who exchanged their values for other's values, and here we see the Magi's gift represented by Jim and Della. They are the Magi.