A fable of old was that St. Nicholas was concerned about three lovely sisters. They lived on the outskirts of the city and were poor and destitute. The saint was determined to save the sisters from a possible of life of prostitution.

One night it is told that he dropped three pieces of gold through the smoke-hole. The coins did not fall into the hearth, but fell into the girls stockings, which had been hanging up near the fire to dry. They were elated to find the money in the morning. People have hung up Christmas stockings ever since, hoping to receive a similar surprise.