They both want to buy his/her lover a christmas present but they can't afford it. So she sells her hair and he sells his watch. The problem is that she buys him a chain for his watch and he buys her two hair combs.
What Happened? You don't love me anymore because I cut my hair?
Not at all! How could an haircut make me love you less?
Oh, don't worry about it...my hair grows very fast!
The problem is that I bought you two beautiful hair combs!
Here is my present! A watch fob made of platinum for your precious watch
Della, I am sorry...I sold the watch to buy the hair combs...
Come on darling, let's put our Christmas presents away now...let's go to eat dinner
After all...what's really important is that we love each other!