A small coach or carriage; a miniature version of a full-sized coach vehicle.
From 'coach' plus the diminutive suffix '-let' (making something smaller), a formation suggesting a toy or child-sized version.
Coachlets were actually made as toys for wealthy children in the 18th-19th centuries, and some beautifully crafted ones are now museum pieces—they often had working wheels and detailed miniature interiors!
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