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They exchange gifts on Christmas Eve from "summary" of The Gift of the Magi (Illustrated) by O. Henry

It was the night before Christmas, and the young couple, Jim and Della, found themselves in a predicament. They were a poor couple, struggling to make ends meet. Yet, they wanted to show their love for each other by exchanging gifts on Christmas Eve. Jim had a prized possession - a beautiful gold watch that had been handed down to him by his father and grandfather. He cherished it dearly, but he knew that Della wanted to give him something special. Della, on the other hand, had long, beautiful hair that she was proud of. She wanted to give Jim a gift that he would treasure forever. Despite their financial difficulties, Jim and Della were determined to make each other happy on Christmas Eve. They both decided to sacrifice their most prized possessions in order to buy gifts for each other. Jim sold his watch to buy combs for Della's hair, while Della cut her hair and sold it to buy a chain for Jim's watch. On Christmas Eve, when they exchanged gifts, they were both surprised and touched by each other's sacrifices. They realized that love was more important than material possessions. Their gifts may have been simple, but they were given with pure love and selflessness. In the end, Jim and Della learned a valuable lesson about the true meaning of giving. It wasn't about the value of the gifts, but the thought and sacrifice that went into them. And on that Christmas Eve, they realized that the greatest gift they could give each other was their love and devotion.
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    The Gift of the Magi (Illustrated)

    O. Henry

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