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From The Collaborative International Dictionary of English v.0.48:
Novelty \Nov"el*ty\, n.; pl. Novelties. [OF. novelt['e], F. nouveaut['e], L. novellitas.] 1. The quality or state of being novel; newness; freshness; recentness of origin or introduction. [1913 Webster] Novelty is the great parent of pleasure. --South. [1913 Webster] 2. Something novel; a new or strange thing. [1913 Webster] 3. A small mass-produced article of little value; a knickknack. Syn: knickknack. [WordNet 1.5]