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a showy, usually cheap, ornament; trinket; gewgaw.
a jester’s scepter.
Contemporary Examples

Not nearly enough, apparently, to cover the cost of her favorite bubbies, baubles, and baby ATVs.
The Real Cost of Real Housewives Pamela Redmond Satran/Nameberry June 19, 2010

She talks to Sandra McElwaine about her childhood and love of baubles.
Mary Higgins Clark Interview About New Book, I’ll Walk Alone Sandra McElwaine April 28, 2011

But most of all blame China and the despicable hunger of its status-conscious middle class for baubles of worked ivory.
A World Without Elephants? Blame China Michael Tomasky August 5, 2014

Historical Examples

I have some baubles here that I want to deposit in more suitable hands than mine.
A Rent In A Cloud Charles James Lever

There should be lots of toys, and lots of baubles, but useful things too!
The Lady of the Basement Flat Mrs. George de Horne Vaizey

They were immoderately fond of baubles, and they had not money enough to gratify this taste.
Tales And Novels, Volume 5 (of 10) Maria Edgeworth

In such a temper of mind, the pomps and vanities of life are cast behind us as the baubles of children.
A Practical View of the Prevailing Religious System of Professed Christians, in the Middle and Higher Classes in this Country, Contrasted with Real Christianity. William Wilberforce

Children must have toys and baubles, and we must indulge ourselves in an expense of many millions on this ridiculous plaything!
Abridgement of the Debates of Congress, from 1789 to 1856 (4 of 16 vol.) Various

That is worth going for, and these baubles are useless to me here.
Confessions of a Thug Philip Meadows Taylor

And what of those other baubles which were missing from St. Michaels home?
Anthony Trent, Master Criminal Wyndham Martyn

noun
a showy toy or trinket of little value; trifle
a small, usually spherical ornament made of coloured or decorated material which is hung from the branches of a Christmas tree Usual US name Christmas ornament
(formerly) a mock staff of office carried by a court jester
n.

“showy trinket or ornament,” early 14c., from Old French baubel “child’s toy, trinket,” probably a reduplication of bel, from Latin bellus “pretty” (see bene-). Or else related to babe, baby.