From The Collaborative International Dictionary of English v.0.48:

Galloon \Gal*loon"\, n. [From F. or Sp. galon. See Gala. ]
   1. A narrow tapelike fabric used for binding hats, shoes,
      etc., -- sometimes made ornamental.
      [1913 Webster]

   2. A similar bordering or binding of rich material, such as
      gold lace.
      [1913 Webster]

            Silver and gold galloons, with the like glittering
            gewgaws.                              --Addison.
      [1913 Webster]
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