When he was a young man, Nicholas's parents died, leaving him a large inheritance that he was determined to use for helping others. One story of his generosity is the saving of three young girls, who were too poor to marry, from a life on the streets. He secretly threw three bags of gold into the open window of their father's home, thus providing for their marriage dowry.

When the bishop of Myra died, the priests and city leaders along with neighboring bishops met to select a new bishop. They prayed and asked God to point out the next bishop. In a dream, God said to one of the people that someone would come through the cathedral doors the next day as they prayed and that person should be chosen as the next bishop.

The next day, Nicholas entered the cathedral. The people knew that Nicholas, whose good deeds were known throughout the area, should be their bishop.

As bishop, Nicholas was dedicated to helping people. He took special care of families, children and the elderly. Sailors, whose work was so important to those who lived in seaports like Myra, were special to Nicholas. All people, but especially children, learned from Nicholas, how important giving is.

Following his death, Nicholas became associated with secretly giving gifts. Although legends about him are numerous, and vary from country to country, all versions of the St. Nicholas story embody his spirit of generosity.

Pictures of Nicholas often show three bags of gold next to him. He also is shown with three disks or balls. These symbolize the three bags he gave to the family to save their three daughters. Nicholas became the patron saint of an Italian city that was a center of the pawnbroking business. A pawnbroking shop traditionally advertises by displaying three gold balls over its storefront.

Some families celebrate the Feast of St. Nicholas by placing one shoe in front of the door with the hope that St. Nicholas will visit and fill the shoe with candy and treats.