a showy, usually cheap, ornament; trinket; gewgaw.
a jester's scepter.

1275–1325; Middle English babel, babulle < Old French babel, baubel, derivatives of an expressive base with varying vocalisms; compare Old French baubelet, bibelot

babble, Babel, bauble, bubble. Unabridged
Based on the Random House Dictionary, © Random House, Inc. 2014.
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World English Dictionary
bauble (ˈbɔːbəl)
1.  a showy toy or trinket of little value; trifle
2.  Usual US name: Christmas ornament a small, usually spherical ornament made of coloured or decorated material which is hung from the branches of a Christmas tree
3.  (formerly) a mock staff of office carried by a court jester
[C14: from Old French baubel plaything, of obscure origin]

Collins English Dictionary - Complete & Unabridged 10th Edition
2009 © William Collins Sons & Co. Ltd. 1979, 1986 © HarperCollins
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Word Origin & History

early 14c., from O.Fr. baubel "child's toy, trinket," probably a reduplication of bel, from L. bellus "pretty." Or else related to babe, baby.
Online Etymology Dictionary, © 2010 Douglas Harper
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Example sentences
But even in these straitened times, the city-state has rolled out this latest bauble with its usual flair.
One bauble that more yacht buyers are asking for is a helicopter.
Real power for the first time in the better part of a century is no small bauble.
But that doesn't mean any old diamond bauble will do.
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