The "Clown Nose" is an item that was added to A Bizarre Journey which was added with a very highly increased spawnrate that caused it to drop very often. Currently the item has no uses but Odd_devv (the developer of the game) has planned for the item to be used for a clown spec/stand and said to stock up on them.
spawn rate: Unknown, but it is very common do to it's spawnrate being x50. This item was pretty much free.
This item was added by OddDev (The game's dev) for a 50x april fools event.
And it is a "rokakaka" without spikes and a bit lighter.
This item is UNOBTAINABLE