This is a musical version of Gift of the Magi - the famous O. Henry story. The music was fantastic (for those who love Broadway show-tune style music), and the storyline credible and quite touching. Debby Boone and John Rubenstein played the young married couple - and while Debby's acting would improve in later years, her voice was glorious - and Rubenstein was completely convincing as the young Irish husband of the Italian immigrant Boone (who looks more Irish than he does LOL).
Where is this?? It would be a natural to rerun every Christmas season - like so many other vintage Christmas specials. As far as I know it was aired once in the 1970s on NBC and never again! It's very frustrating to remember something so entertaining and enjoyable, but not be able to see it!