Christmas at the turn of the century. A young couple lives in abject poverty. A woman's most precious possession is her beautiful long hair. The man's most precious possession is a violin, but without a bow. Both part with their most valuable property to make the other happy for Christmas. The man sells his violin to buy his wife a hair comb. The woman parted with her long hair in order to use the money to buy a bow for her lover's violin. When they both give each other presents, the disappointment is great at first. But then both reflect on the really most valuable thing they have in life.