The term ONE GIFT OF THE MAGI is a reference to a short story by O. Henry, which tells the story of a young couple who are very much in love but have very little money. The couple gives each other gifts for Christmas, with the wife giving her husband a set of combs made from her hair and the husband giving his wife a gold chain for her watch. The crossword solution for this term is MYRRH, which is a type of fragrant resin that was historically used in incense and perfumes. In the story, the wife gives her husband MYRRH as a gift, symbolizing their love and devotion to each other.