Source : Webster's Revised Unabridged Dictionary (1913)

Fancy \Fan"cy\, n.; pl. {Fancies}. [Contr. fr. fantasy, OF.
   fantasie, fantaisie, F. fantaisie, L. phantasia, fr. Gr.
   ???????? appearance, imagination, the power of perception and
   presentation in the mind, fr. ???????? to make visible, to
   place before one's mind, fr. ??????? to show; akin to ????,
   ???, light, Skr. bh[=a]to shine. Cf. {Fantasy}, {Fantasia},
   {Epiphany}, {Phantom}.]
   1. The faculty by which the mind forms an image or a
      representation of anything perceived before; the power of
      combining and modifying such objects into new pictures or
      images; the power of readily and happily creating and
      recalling such objects for the purpose of amusement, wit,
      or embellishment; imagination.

            In the soul Are many lesser faculties, that serve
            Reason as chief. Among these fancy next Her office
            holds.                                --Milton.

   2. An image or representation of anything formed in the mind;
      conception; thought; idea; conceit.

            How now, my lord ! why do you keep alone, Of
            sorriest fancies your companoins making ? --Shak.

   3. An opinion or notion formed without much reflection;
      caprice; whim; impression.

            I have always had a fancy that learning might be
            made a play and recreation to children. --Locke.

   4. Inclination; liking, formed by caprice rather than reason;
      as, to strike one's fancy; hence, the object of
      inclination or liking.

            To fit your fancies to your father's will. --Shak.

   5. That which pleases or entertains the taste or caprice
      without much use or value.

            London pride is a pretty fancy for borders.
                                                  --Mortimer.

   6. A sort of love song or light impromptu ballad. [Obs.]
      --Shak.

   {The fancy}, all of a class who exhibit and cultivate any
      peculiar taste or fancy; hence, especially, sporting
      characters taken collectively, or any specific class of
      them, as jockeys, gamblers, prize fighters, etc.

            At a great book sale in London, which had
            congregated all the fancy.            --De Quincey.

   Syn: Imagination; conceit; taste; humor; inclination; whim;
        liking. See {Imagination}.

Fancy \Fan"cy\, v. i. [imp. & p. p. {Fancied}, p. pr. & vb. n.
   {Fancying}.]
   1. To figure to one's self; to believe or imagine something
      without proof.

            If our search has reached no farther than simile and
            metaphor, we rather fancy than know.  --Locke.

   2. To love. [Obs.] --Shak.

Fancy \Fan"cy\, v. t.
   1. To form a conception of; to portray in the mind; to
      imagine.

            He whom I fancy, but can ne'er express. --Dryden.

   2. To have a fancy for; to like; to be pleased with,
      particularly on account of external appearance or manners.
      ``We fancy not the cardinal.'' --Shak.

   3. To believe without sufficient evidence; to imagine
      (something which is unreal).

            He fancied he was welcome, because those arounde him
            were his kinsmen.                     --Thackeray.

Fancy \Fan"cy\, a.
   1. Adapted to please the fancy or taste; ornamental; as,
      fancy goods.

   2. Extravagant; above real value.

            This anxiety never degenerated into a monomania,
            like that which led his [Frederick the Great's]
            father to pay fancy prices for giants. --Macaulay.

   {Fancy ball}, a ball in which porsons appear in fanciful
      dresses in imitation of the costumes of different persons
      and nations.

   {Fancy fair}, a fair at which articles of fancy and ornament
      are sold, generally for some charitable purpose.

   {Fancy goods}, fabrics of various colors, patterns, etc., as
      ribbons, silks, laces, etc., in distinction from those of
      a simple or plain color or make.

   {Fancy line} (Naut.), a line rove through a block at the jaws
      of a gaff; -- used to haul it down.

   {Fancy roller} (Carding Machine), a clothed cylinder (usually
      having straight teeth) in front of the doffer.

   {Fancy stocks}, a species of stocks which afford great
      opportunity for stock gambling, since they have no
      intrinsic value, and the fluctuations in their prices are
      artificial.

   {Fancy store}, one where articles of fancy and ornament are
      sold.

   {Fancy woods}, the more rare and expensive furniture woods,
      as mahogany, satinwood, rosewood, etc.

Source : WordNet®

fancy
     n 1: something many people believe that is false; "they have the
          illusion that I am very wealthy" [syn: {illusion}, {fantasy},
           {phantasy}]
     2: fancy was held by Coleridge to be more casual and
        superficial than imagination
     3: a predisposition to like something; "he had a fondness for
        whiskey" [syn: {fondness}, {partiality}]
     [also: {fancied}, {fanciest}, {fancier}]

fancy
     v 1: imagine; conceive of; see in one's mind; "I can't see him on
          horseback!"; "I can see what will happen"; "I can see a
          risk in this strategy" [syn: {visualize}, {visualise}, {envision},
           {project}, {see}, {figure}, {picture}, {image}]
     2: have a fancy or particular liking or desire for; "She
        fancied a necklace that she had seen in the jeweler's
        window" [syn: {go for}, {take to}]
     [also: {fancied}, {fanciest}, {fancier}]

fancy
     adj : not plain; decorative or ornamented; "fancy handwriting";
           "fancy clothes" [ant: {plain}]
     [also: {fancied}, {fanciest}, {fancier}]