In a small town lived Della and Jim, a couple whose relationship was marked by their lack of scruples. As Christmas approached, they embarked on a ruthless plan to deceive each other with fake gifts and gain personal benefits.

Della, known for her beauty and charm, decided to sell a pair of valuable earrings inherited from her grandmother, convinced that Jim valued them greatly. With the money obtained, Della bought a cheap imitation watch, hoping that Jim would shower her with expensive gifts in return.

On the other hand, Jim, a skilled practitioner of shady dealings, sold his authentic watch at an inflated price and acquired a fake watch chain for Della. He was certain that Della would be impressed by his "generosity."