noun, plural novelties.
state or quality of being novel, new, or unique; newness: the novelty of a new job.
a novel occurrence, experience, or proceeding: His sarcastic witticisms had ceased being an entertaining novelty.
an article of trade whose value is chiefly decorative, comic, or the like and whose appeal is often transitory: a store catering to tourists who loaded up with souvenir pennants and other novelties.
(of a weave) consisting of a combination of basic weaves.
(of a fabric or garment) having a pattern or design produced by a novelty weave.
(of yarn) having irregularities within the fibrous structure.
of or pertaining to novelties as articles of trade: novelty goods; novelty items.
having or displaying novelties: novelty shop.

1350–1400; Middle English novelte < Middle French novelete < Late Latin novellitās newness. See novel2, -ity Unabridged
Based on the Random House Dictionary, © Random House, Inc. 2014.
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World English Dictionary
novelty (ˈnɒvəltɪ)
n , pl -ties
1.  a.  the quality of being new and fresh and interesting
 b.  (as modifier): novelty value
2.  a new or unusual experience or occurrence
3.  (often plural) a small usually cheap new toy, ornament, or trinket
[C14: from Old French novelté; see novel²]

Collins English Dictionary - Complete & Unabridged 10th Edition
2009 © William Collins Sons & Co. Ltd. 1979, 1986 © HarperCollins
Publishers 1998, 2000, 2003, 2005, 2006, 2007, 2009
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Word Origin & History

late 14c., from O.Fr. novelté "newness," from novel "new" (see novel (adj.)). Meaning "newness" is attested from late 14c.; sense of "useless but amusing object" is attested from 1901 (e.g. novelty shop, 1973).
Online Etymology Dictionary, © 2010 Douglas Harper
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Example sentences
It was the ideal dance for the transistorized age, converting the body itself
  into a novelty device-a nifty gadget.
The past two months have been an adventure, but the novelty is now long gone.
It looks like there are too many confounding variables for this to be anything
  more than a novelty.
Understanding how novelty emerges from complex systems is a new frontier.
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