Jim says they should simply put their gifts away for now. He states:
"Dell,” said he, “let’s put our Christmas presents away and keep ’em a while. They’re too nice to use just at present. I sold the watch to get the money to buy your combs."
Jim realizes that each of them has already received a more precious gift from the other than the physical gifts they have purchased, as costly as those are. He recognizes that they have each shown their love for one another because each of them sacrificed what they loved most for the benefit of the other. Della sold her beloved hair, sacrificing it for Jim. Jim likewise sold his beloved watch, sacrificing it for Della. This mutual unselfishness bodes well as a foundation for their marriage.
At the end, by invoking the original magi and the gifts they brought for the infant Jesus, O'Henry implies that Jim and Della have understood the true spirit of Christmas giving, which is to give from love.
Jim's feeling a little embarrassed at having sold his watch to buy Della some combs for Christmas. But then again, she sold some of her lovely locks of hair to buy him a watch-chain. So they've both been burdened with gifts which are, for now, useless. Della's so happy at the watch-chain she's bought for Jim; it's an absolute beauty that will go just fine with his watch. But after he tells Della that he's actually sold the precious item, Jim sensibly realizes that it's best if they put away their gifts for now and keep them for a while. At least this way, when the time is right, the gifts will eventually come to have the meaning that they were always meant to have.
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