Della and Jim, a poor couple, struggle to buy Christmas gifts for each other.
CLIMAX
Della is has only $1.87 to buy her husband a gift, which is not enough.
FALLING ACTION
Della decides to sell her hair for money so she can purchase a gift worthy of Jim. She gets $20 and can afford a platinum chain for Jim's heirloom watch.
RESOLUTION
Della and Jim exchange gifts. Jim has sold his watch to buy Della a beautiful set of combs.
They decide to put their gifts away until they can both use them.
Despite their errors, Della and Jim still love one another, and learn a valuable lesson about sacrifice and love.