The Collaborative International Dictionary of English v.0.48:

Bunting \Bun"ting\, Buntine \Bun"tine\, n. [Prov. E. bunting
   sifting flour, OE. bonten to sift, hence prob. the material
   used for that purpose.]
   A thin woolen stuff, used chiefly for flags, colors, and
   ships' signals.
   [1913 Webster]