The Collaborative International Dictionary of English v.0.48:

Bauble \Bau"ble\ (b[add]"b'l), n. [Cf. OF. baubel a child's
   plaything, F. babiole, It. babbola, LL. baubellum gem, jewel,
   L. babulus, a baburrus, foolish.]
   1. A trifling piece of finery; a gewgaw; that which is gay
      and showy without real value; a cheap, showy plaything.
      [1913 Webster]

            The ineffective bauble of an Indian pagod.
                                                  --Sheridan.
      [1913 Webster]

   2. The fool's club. [Obs.] "A fool's bauble was a short stick
      with a head ornamented with an ass's ears fantastically
      carved upon it." --Nares.
      [1913 Webster]

WordNet (r) 3.0 (2006):

bauble
    n 1: a mock scepter carried by a court jester
    2: cheap showy jewelry or ornament on clothing [syn: bangle,
       bauble, gaud, gewgaw, novelty, fallal, trinket]