a very ancient title of honour, said to derive its institution from the Romans, towards the end of the emperor Gratian's reign. Knights-bannercet are called in Latin milites vexilliferi, by Matth. Paris, p. 134; and milites vexillati, by the author of the Dict. de Trevoux; their shield was square, and they bore their arms in a banner of the same form.
This was a very honourable order, as it was never conferred but for some heroic action performed in the field; whereas other orders have frequently been bestowed from favour, or other meaner motives. It is said to have been first used in England in the time of Edward I. We have had none of this order created since the time of king Charles I.; so that it is now become extinct among us.
The form of the bannercet's creation was this: On a day of battle, the candidate presented his flag to the king, or general, who cutting off the train or skirt thereof, and making it a square, returned it again, being then the proper banner of bannercets, who from hence are sometimes called knights of the square flag.