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
Publishers 1998, 2000, 2003, 2005, 2006, 2007, 2009
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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
That's good for display manufacturers: with all that room for improvement, they
  can keep churning out shiny new baubles.
Thanks to imitation baubles, anybody can be glamorous.
The last of the consecrated baubles to be lifted was the crown.
He might, as an experiment, spend his holiday season decorating his speeches
  with baubles and bangles.
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