Capo up 3 frets (or 1 fret depending on which version you listen to).

Joni wrote this song based on the short story “The Gift of the Magi,” originally written by O. Henry (William
Sydney Porter 1862-1910). It appears that Joni composed this song as a kind of libretto with singing parts
for the wife, the husband, and the narrator or cast. Other than a few exceptions, there are 2 main chord
shapes throughout the song that only change fret positions. For the higher fret positions, I have listed
them as follows:

10th fret = A
11th fret = B
12th fret = C