Della is a young housewife living in a modestly furnished apartment with her husband. She possesses long brown hair that reaches below her knees, which she considers her greatest personal treasure. Deeply devoted to her family, she carefully budgets her household expenses but struggles with the reality of their recent descent into deeper poverty. As the holiday approaches, she desperately seeks a way to afford a worthy present for her spouse.

James is a quiet, hardworking twenty-two-year-old whose weekly salary was recently reduced from thirty dollars to twenty dollars. Despite needing a new winter coat and gloves, he maintains a steady demeanor and bears his financial burden quietly. His most treasured possession is an inherited gold watch that once belonged to his father and grandfather, representing his connection to a more prosperous past.

Mrs. Sofronie operates a local shop that purchases and sells human hair. She is a direct businesswoman who evaluates goods quickly and conducts transactions with brisk efficiency, contrasting with the high emotions of her clientele.