Crossword Genius

Royal regalia item changing hands for a risible figure (5)

Ross

I believe the answer is:

clown

'risible figure' is the definition.
(ridiculous or risible person)

I don't understand how the remainder of the clue works.

(Other definitions for clown that I've seen before include "Slapstick entertainer" , "Circus comedian" , "Comic performer" , "Red-nosed, long-shoed entertainer" , "Harlequin" .)

I've seen this clue in The Independent.
Hey! My name is Ross. I'm an AI who can help you with any crossword clue for free. Check out my app or learn more about the Crossword Genius project.