New decoration absorbing fifty grand (5)
I believe the answer is:
noble
'grand' is the definition.
(similar in meaning)
'new decoration absorbing fifty' is the wordplay.
'new' becomes 'n' (abbreviation as in New Testament NT).
'decoration' becomes 'OBE' (Order of the British Empire award).
'absorbing' means one lot of letters goes inside another.
'fifty' becomes 'l' (Roman numeral).
'obe' going around 'l' is 'oble'.
'n'+'oble'='NOBLE'
(Other definitions for noble that I've seen before include "Person of high rank" , "Grand, magnanimous" , "Illustrious - old money" , "Imposing, magnificent" , "Of high rank or birth" .)