The Collaborative International Dictionary of English v.0.48:

Pink \Pink\, v. t. [imp. & p. p. Pinked; p. pr. & vb. n.
   Pinking.] [OE. pinken to prick, probably a nasalized form
   of pick.]
   1. To pierce with small holes; to cut the edge of, as cloth
      or paper, in small scallops or angles.
      [1913 Webster]

   2. To stab; to pierce as with a sword. --Addison.
      [1913 Webster]

   3. To choose; to cull; to pick out. [Obs.] --Herbert.
      [1913 Webster]

The Collaborative International Dictionary of English v.0.48:

Pinking \Pink"ing\, n.
   1. The act of piercing or stabbing.
      [1913 Webster]

   2. The act or method of decorating fabrics or garments with a
      pinking iron; also, the style of decoration; scallops made
      with a pinking iron.
      [1913 Webster]

   Pinking iron.
      (a) An instrument for scalloping the edges of ribbons,
          flounces, etc.
      (b) A sword. [Colloq.]
          [1913 Webster]