What are Della's and Jim's most prized possessions?

O. Henry tells about Della's and Jim's most prized possessions in a single rather fanciful paragraph early in the story.

Now, there were two possessions of the James Dillingham Youngs in which they both took a mighty pride. One was Jim's gold watch that had been his father's and his grandfather's.The other was Della's hair.Had the Queen of Sheba lived in the flat across the airshaft, Della would have let her hair hang out...

O. Henry tells about Della's and Jim's most prized possessions in a single rather fanciful paragraph early in the story.

Now, there were two possessions of the James Dillingham Youngs in which they both took a mighty pride. One was Jim's gold watch that had been his father's and his grandfather's.The other was Della's hair. Had the Queen of Sheba lived in the flat across the airshaft, Della would have let her hair hang out the window some day to dry just to depreciate Her Majesty's jewels and gifts. Had King Solomon been the janitor, with all his treasures piled up in the basement, Jim would have pulled out his watch every time he passed, just to see him pluck at his beard from envy.

The big irony in the story is that each sells his or her most prized possession in order to buy a Christmas present for the other, so that they both lose their prized possessions and acquire new possessions which are useless. But the emphasis throughout the story is on Della. it is told from her point of view. We see her being shorn by Madame Sofronie. We see her "ransacking" stores to find the ideal present for her husband. We see her trying to do something with what is left of her hair. We do not see Jim agonizing over getting Della a present or selling his watch. He is kept offstage, so to speak, until the end of the story. Readers will always remember "The Gift of the Magi" as a story about a young woman who sold her beautiful hair to get enough money to buy her husband a Christmas present. In discussing the story, it would probably be advisable to focus on Della's problems and not attempt to give both characters' sacrifices equal weight.