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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]