Source : Webster's Revised Unabridged Dictionary (1913)

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.

            Novelty is the great parent of pleasure. --South.

   2. Something novel; a new or strange thing.

Source : WordNet®

novelty
     n 1: originality by virtue of being refreshingly novel [syn: {freshness}]
     2: originality by virtue of being new and surprising [syn: {freshness}]
     3: a small inexpensive mass-produced article [syn: {knickknack}]
     4: cheap showy jewelry or ornament on clothing [syn: {bangle},
        {bauble}, {gaud}, {gewgaw}, {fallal}, {trinket}]