Answer:
The two prized possessions of the Dillingham household are Jim's gold watch and Della's hair
Step-by-step explanation:
Jim treasures a gold watch that he has inherited from his grandfather. Della also has a prized possession, it is her long beautiful hair. Then in an ironic twist of the story, both characters decide to go and get rid of the thing they value the most to be able to buy a present for the other person, which at the end they can not use because they needed the prized possession they had to use the present.