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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 mos...
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    The Gift of the Magi (Illustrated)

    O. Henry

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