toy (n.)

c. 1300, "amorous playing, sport," later "piece of fun or entertainment" (c. 1500), "thing of little value, trifle" (1520s), and "thing for a child to play with" (1580s). Of uncertain origin, and there may be more than one word here. Compare Middle Dutch toy, Dutch tuig "tools, apparatus; stuff, trash," in speeltuig "play-toy, plaything;" German Zeug "stuff, matter, tools," Spielzeug "plaything, toy;" Danish tøj, Swedish tyg "stuff, gear." Applied as an adjective to things of diminutive size, especially dogs, from 1806. Toy-boy is from 1981.

toy (v.)

"deal carelessly (with), trifle," 1520s, from toy (n.) in its older sense.

If he be merie and toy with any,
His wife will frowne, and words geve manye.
["Song of the Bachelor's Life," 16c.]

Related: Toyed; toying.

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Definitions of toy from WordNet
toy (n.)
an artifact designed to be played with;
Synonyms: plaything
toy (n.)
a nonfunctional replica of something else (frequently used as a modifier);
a toy stove
toy (n.)
a device regarded as providing amusement;
private airplanes are a rich man's toy
toy (n.)
a copy that reproduces a person or thing in greatly reduced size;
Synonyms: miniature
toy (n.)
any of several breeds of very small dogs kept purely as pets;
Synonyms: toy dog
toy (v.)
behave carelessly or indifferently;
Synonyms: dally / play / flirt
toy (v.)
manipulate manually or in one's mind or imagination;
Synonyms: fiddle / diddle / play
toy (v.)
engage in an activity as if it were a game rather than take it seriously;
toy with an idea
Synonyms: play