/ · 1894 Brewer’s · K · Knights Bannerets
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Knights created on the field of battle. The king or general cut off the point of their flag, and made it square, so as to resemble a banner. Hence knights bannerets are called Knights of the Square Flag.
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Entry taken from Dictionary of Phrase and Fable, edited by the Rev. E. Cobham Brewer, LL.D. and revised in 1895.