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It is of course a diminutive, like "lioncel," "pennoncel," &c.

This whole glittering army, at their head the King's great royal standard bearing the golden lilies of France quartered with the lions of England, and each troop guided by the square banner, swallow-tailed pennon or pointed pennoncel of their leader, came marching to the gates of Calais, above which floated the blue standard of France with its golden flowers, and with it the banner of the governor, Sir Jean de Vienne.

This whole glittering army, at their head the king's great royal standard bearing the golden lilies of France quartered with the lions of England, and each troop guided by the square banner, swallow-tailed pennon or pointed pennoncel of their leader, came marching to the gates of Calais, above which floated the blue standard of France with its golden flowers, and with it the banner of the governor, Sir Jean de Vienne.