Suppose you are telling the story of Della and Jim from "The Gift of the Magi" to a group of your friends. Identify the two characters, tell what...

The two characters are Jim and Della Dillingham Young.  Jim is a hardworking young man and the husband of Della.  Della is an industrious young woman and the wife of Jim.  

They both want to purchase a special gift for each other.  Jim wants to buy Della a set of beautiful combs for her long hair.  Della wants to buy Jim a "platinum fob chain" for his beloved pocket watch.  They both have a dilemma: they do not have enough money.

Della decides to cut her beautiful hair and sell it in order to buy Jim the watch chain.  Jim decides to sell his heirloom watch to buy Della the combs.  They both sell their precious items and buy their intended gifts.  

When they present their gifts to one another, they realize what they have done.  Despite the fact that their gifts are rendered useless, their love for each other still shows.