Etymology
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novelty (n.)

late 14c., novelte, "quality of being new," also "a new manner or fashion, an innovation; something new or unusual," from Old French novelete "newness, innovation, change; news, new fashion" (Modern French nouveauté), from novel "new" (see novel (adj.)). Meaning "newness" is attested from late 14c.; sense of "useless but decorative or amusing object" is attested by 1888 (as in novelty shop, by 1893). An earlier word was novelry (c. 1300).

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Definitions of novelty

novelty (n.)
originality by virtue of being refreshingly novel;
Synonyms: freshness
novelty (n.)
originality by virtue of being new and surprising;
Synonyms: freshness
novelty (n.)
a small inexpensive mass-produced article;
Synonyms: knickknack
novelty (n.)
cheap showy jewelry or ornament on clothing;
Synonyms: bangle / bauble / gaud / gewgaw / fallal / trinket
From wordnet.princeton.edu