The Collaborative International Dictionary of English v.0.48:

Chaffy \Chaff"y\, a.
   1. Abounding in, or resembling, chaff.
      [1913 Webster]

            Chaffy grain beneath the thresher's flail.
                                                  --Coleridge.
      [1913 Webster]

   2. Light or worthless as chaff.
      [1913 Webster]

            Slight and chaffy opinion.            --Glanvill.
      [1913 Webster]

   3. (Bot.)
      (a) Resembling chaff; composed of light dry scales.
      (b) Bearing or covered with dry scales, as the under
          surface of certain ferns, or the disk of some
          composite flowers.
          [1913 Webster]

WordNet (r) 3.0 (2006):

chaffy
    adj 1: abounding in or covered with or resembling or consisting
           of chaff [syn: chaffy, chafflike]
    2: value; "an empty chaffy book by a foolish chaffy fellow"