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Gift of the Magi

The parable of a young husband and wife and how they deal with the challenge of buying secret Christmas gifts for each other with very little money, where they each sell items they own (watch and hair) to buy gifts for the other that, as it turns out in a twist ending, are no longer useful to the other (a watch chain a combs, respectively), an example of comic irony.

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Origin

The Gift of the Magi is a short story by O. Henry first published in 1905.