A young, financially strained married couple struggles to afford Christmas presents; the wife sells her long, celebrated hair to buy a fine chain for her husband's heirloom watch, while he sells his watch to buy ornate combs for her hair. Their mutual sacrifices render the new gifts impractical but reveal the depth of their affection. The story is told in a compact, wry third-person voice that blends sentimental detail with ironic moral observation about love, giving, and the value of selfless generosity.