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]

U.S. Gazetteer (1990):

Novelty, MO (town, FIPS 53516)
  Location: 40.01257 N, 92.20743 W
  Population (1990): 143 (71 housing units)
  Area: 0.7 sq km (land), 0.0 sq km (water)
  Zip code(s): 63460
Novelty, OH
  Zip code(s): 44072

Moby Thesaurus II by Grady Ward, 1.0:

65 Moby Thesaurus words for "novelty":
   advance guard, authenticity, avant-garde, bauble, brand-newness,
   callowness, craze, creativeness, creativity, dewiness, fad,
   faddiness, faddishness, faddism, faddist, freshness, gewgaw,
   gimcrack, gimmick, gloss of novelty, greenness, immaturity,
   innovation, innovativeness, intactness, inventiveness, kickshaw,
   lateness, latest fad, latest fashion, latest wrinkle, maidenhood,
   mint condition, new look, newbornness, newfangled device,
   newfangledness, newfangleness, newness, nonimitation, novelness,
   nowness, originality, ornament, plaything, presentness,
   pristineness, rage, rawness, recency, recentness, strangeness,
   the in thing, the last word, the latest thing, toy, trifle,
   trinket, uncommonness, unfamiliarity, uniqueness, unusualness,
   vanguard, virginity, wrinkle