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The Collaborative International Dictionary of English v.0.48:

Poncho \Pon"cho\, n.; pl. Ponchos. [Sp.] 1. A kind of cloak worn by the Spanish Americans, having the form of a blanket, with a slit in the middle for the head to pass through. A kind of poncho made of rubber or painted cloth is used by the mounted troops in the United States service. [1913 Webster] 2. A trade name for camlets, or stout worsteds. [1913 Webster]