Green’s Dictionary of Slang

a decorated handkerchief, used to commemorate an event.

1895

Mirror of Life 14 Sept. 10/3: Chippy [...] is very liberal with the swipes, giving one to Pop. Chip goes in for roses, which twine round the border, the centre representing Nunc in fighting attitude with the inscription, ‘Nunc Wallace. matched with George Corfield for £2OO a-side’.