The first time I heard "galloon" I though it was a pirate thing... it sounds like doubloon or galleon or maroon!  Arr, matey!  But actually, galloon is a textile term.  Wikipedia's stub of an article about it simply says it's a woven or braided trim, and gives as an example the gold trim sewn all over 1700's style liveries.  Merriam Webster gets closer to the word as I've heard it used, specifying that the narrow trim has both edges scalloped.  Do an image search to see the different shades of meaning: "galloon trim" yields a mix of narrow metallic trims and lace trims, while "galloon lace" yields lace trims with scalloped edges.  Today, I'll try to delineate these different uses and meanings of galloon.