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]

WordNet (r) 3.0 (2006):

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