A small piece of worthless crap, a decorative knick knack with little or no purpose.
Side note: Chotchkie can be pretty, sentimental, or even occasionally useful though it usually breaks easily if useful. If you are having trouble identifying Chotchkie just look around your house or someone else's and whatever you see that a burgler wouldn't steal is probably Chotchkie.
Fake fruit, a ceramic frog containing candy, pretty much anything purchased at a dollar store, costume jewelry, etc. Referenced by Phoebie on the TV show friends.
Meg loved her cow figurine collection, but Dave thought it was useless Chotchkie.