Source : Webster's Revised Unabridged Dictionary (1913)

Nosegay \Nose"gay`\, n. [Nose + gay in the sense of a gay or
   showy thing.]
   A bunch of odorous and showy flowers; a bouquet; a posy.
   --Pope.

Source : WordNet®

nosegay
     n : an arrangement of flowers that is usually given as a present
         [syn: {bouquet}, {corsage}, {posy}]