Something newly fashioned; a novelty, a new fancy.
A foolish innovation; a gewgaw; a trifling ornament.
A conceit; whim.
A new product; an innovation.
A small mass-produced trinket.
The state of being new or novel; newness.
In novelty theory, newness, density of complexification, and dynamic change as opposed to static habituation.
An opening move played for the first time ever (in high-level chess).
Meant primarily for display rather than functional use. Handheld items are often impractically large.