It is a suggestion that some presents are more appropriate then others. That the Magi were perceptive gift givers. ---- Supplementary Material The Magi were the Eastern Princes who brought gifts to the Baby Jesus. They are found only in the Gospel of Matthew (2:1-12).
In titling his short story The Gift of the Magi O Henry was aware that our usual term for The Magi in English is The Three Wise Men.
In the course of his story O Henry several times suggests that Dell and Jim are foolish children: but at the end of the story he makes clear precisely what he means:
And here I have lamely related to you the uneventful chronicle of two foolish children in a flat who most unwisely sacrificed for each other the greatest treasures of their house. But in a last word to the wise of these days let it be said that of all who give gifts these two were the wisest. O all who give and receive gifts, such as they are wisest. Everywhere they are wisest. They are the magi.
O Henry is telling us that the wise thing to do is to sacrifice for each other the greatest treasures of our house. He is even suggesting that this is the only true wisdom.
The story contains a deep and permanent moral lesson, and also one which is true. (Of course, you don't need to accept it).
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The story is titled "The Gift of the Magi" by O. Henry because it parallels the biblical story of the Three Wise Men, who brought valuable gifts to baby Jesus. In the same way, the couple in the story, Della and Jim, selflessly sacrificed their most prized possessions as gifts for each other, embodying the theme of love, sacrifice, and the true spirit of gift-giving.