“The Gift of the Magi “is a short story by O. Henry, first published in 1905.  This is a simplified version of the original story.

The Gift of the Magi- O. Henry

One dollar and eighty-seven cents. That was all. Three times Della counted it. One dollar and eighty- seven cents. And the next day would be Christmas.
There was clearly nothing to do but flop down on the shabby little couch and cry. So Della did it.
Della finished her cry and attended to her cheeks with the powder rag. Tomorrow would be Christmas Day, and she had only $1.87 with which to buy Jim a present. She had been saving every penny she could for months, with this result. Twenty dollars a week doesn’t go far. Expenses had been greater than she had calculated. They always are. Only $1.87 to buy a present for Jim. Her Jim. Many a happy hour she had spent planning for something nice for him. Something fine and rare–something just a little bit near to being worthy of the honor of being owned by Jim.
Suddenly she whirled from the window and stood before the glass. Her eyes were shining brilliantly, but her face had lost its color within twenty seconds. Rapidly she pulled down her hair and let it fall to its full length.
Now, there were two possessions of the James Dillingham Youngs in which they both took a mighty pride. One was Jim’s gold watch that had been his father’s and his grandfather’s. The other was Della’s hair.
So now Della’s beautiful hair fell about her. It reached below her knee and made itself almost a garment for her. And then she did it up again nervously and quickly. Once she faltered for a minute and stood still while a tear or two splashed on the worn red carpet.
On went her old brown jacket; on went her old brown hat. With a whirl of skirts and with the brilliant sparkle still in her eyes, she fluttered out the door and down the stairs to the street.
Where she stopped the sign read: “Mne. Sofronie. Hair Goods of All Kinds.” One flight up Della ran, and collected herself, panting.
“Will you buy my hair?” asked Della.
“I buy hair,” said Madame. “Take yer hat off and let’s have a sight at the looks of it.”
Down rippled the brown cascade.
“Twenty dollars,” said Madame, lifting the mass with a practised hand.
“Give it to me quick,” said Della.
Oh, and the next two hours tripped by on rosy wings. She was ransacking the stores for Jim’s present.
She found it at last. It surely had been made for Jim and no one else. There was no other like it in any of the stores, and she had turned all of them inside out. It was a platinum chain simple and chaste in design. It was even worthy of The Watch. As soon as she saw it she knew that it must be Jim’s. It was like him. Quietness and value–the description applied to both. Twenty-one dollars they took from her for it, and she hurried home with the 87 cents. Grand as the watch was, he sometimes looked at it on the sly on account of the old leather strap that he used in place of a chain.
When Della reached home her intoxication gave way a little to prudence and reason. She got out her curling irons and lighted the gas and went to work repairing what was left of her hair.
Within forty minutes her head was covered with tiny, close-lying curls that made her look wonderfully like a truant schoolboy. She looked at her reflection in the mirror long, carefully, and critically.
“If Jim doesn’t kill me,” she said to herself, “before he takes a second look at me, he’ll say I look like a Coney Island chorus girl. But what could I do–oh! what could I do with a dollar and eighty- seven cents?”
At 7 o’clock the coffee was made and the frying-pan was on the back of the stove hot and ready to cook the chops.
Jim was never late. Then she heard his step on the stair away down on the first flight, and she turned white for just a moment. She had a habit for saying little silent prayer about the simplest everyday things, and now she whispered: “Please God, make him think I am still pretty.”
The door opened and Jim stepped in and closed it. He looked thin and very serious. Poor fellow, he was only twenty-two–and to be burdened with a family! He needed a new overcoat and he was without gloves.
Jim stopped inside the door. His eyes were fixed upon Della, and there was an expression in them that she could not read, and it terrified her. It was not anger, nor surprise, nor disapproval, nor horror, nor any of the sentiments that she had been prepared for. He simply stared at her fixedly with that peculiar expression on his face.
“Jim, darling,” she cried, “don’t look at me that way. I had my hair cut off and sold because I couldn’t have lived through Christmas without giving you a present. It’ll grow out again–you won’t mind, will you? I just had to do it. My hair grows awfully fast. Say `Merry Christmas!’ Jim, and let’s be happy. You don’t know what a nice– what a beautiful, nice gift I’ve got for you.”
“You’ve cut off your hair?” asked Jim.
“Cut it off and sold it,” said Della. “Don’t you like me just as well, anyhow? I’m me without my hair, ain’t I?”
Jim looked about the room curiously.
“You say your hair is gone?” he said, with an air almost of idiocy.
“You needn’t look for it,” said Della. “It’s sold, I tell you–sold and gone, too. It’s Christmas Eve, boy. Be good to me, for it went for you. “Shall I put the chops on, Jim?”
Out of his trance Jim seemed quickly to wake. He enfolded his Della. He drew a package from his overcoat pocket and threw it upon the table.
“Don’t make any mistake, Dell,” he said, “about me. I don’t think there’s anything in the way of a haircut or a shave or a shampoo that could make me like my girl any less. But if you’ll unwrap that package you may see why you had me going a while at first.”
White fingers tore at the string and paper. And then an ecstatic scream of joy; and then, alas! a quick feminine change to hysterical tears.
For there lay The Combs–the set of combs, side and back, that Della had worshipped long in a Broadway window. Beautiful combs, pure tortoise shell, with jewelled rims–just the shade to wear in the beautiful vanished hair. They were expensive combs, she knew, and her heart had simply craved and yearned over them without the least hope of possession. And now, they were hers.
But she hugged them to her bosom, and at length she was able to look up with dim eyes and a smile and say: “My hair grows so fast, Jim!”
Jim had not yet seen his beautiful present. She held it out to him eagerly upon her open palm. The dull precious metal seemed to flash.
“Isn’t it a dandy, Jim? I hunted all over town to find it. You’ll have to look at the time a hundred times a day now. Give me your watch. I want to see how it looks on it.”
Instead of obeying, Jim tumbled down on the couch and put his hands under the back of his head and smiled.
“Dell,” said he, “let’s put our Christmas presents away and keep ’em a while. They’re too nice to use just at present. I sold the watch to get the money to buy your combs. And now suppose you put the chops on.”
The magi, as you know, were wise men–wonderfully wise men–who brought gifts to the Babe in the manger. They invented the art of giving Christmas presents. And here I have told you the story of two foolish children in a flat who most unwisely sacrificed for each other the greatest treasures of their house. But in a last word to the wise of these days let it be said that of all who give gifts these two were the wisest. Of all who give and receive gifts they are wisest. They are the magi.