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 (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 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