Cryptic crossword clue
Laugh about baby dropping a coarse, half-eaten toy 10

The most common and most likely answer to this crossword clue is the 10 letter word HOBBYHORSE

I've seen this crossword clue in Financial Times
H
O
B
B
Y
H
O
R
S
E

Buddy explains!

The straight part
We know that "toy" is the straight/definition part of the clue. The straight part is often a synonym or definition, in this case toy = hobbyhorse.
The cryptic/wordplay part
In cryptic crossword there's often an wordplay/cryptic part as well.
This part involves a more complex hint, such as an anagram, homophone, hidden word, etc.
Sadly, We don't have an explanation for this specific crossword clue yet.

What does HOBBYHORSE mean?

HOBBYHORSE noun
  1. The Irish hobby, an extinct breed of horse.
  2. A child's toy consisting of a (usually wooden or cloth) horse's head mounted on a stick.
  3. A topic about which someone loves to talk at great length.
  4. A puppet-like costume used in some traditional dances and festivals that gives its wearer the appearance of a man on horseback.
  5. An early bicycle with no pedals or brakes; a draisienne.

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