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]