Banners of Saints. Flags smaller than standards, and not slit at the extremity.
Royal Banners contain the royal arms.
Standards, much larger and longer than banners, and slit at the extremity. A standard has no armorial bearings.
Burgee. A small flag with the loose end cleft like a <. Pennant. A small triangular flag.
Pennons, much smaller than standards; rounded at the extremity, and charged with arms. Bannerols, banners of great width, representing alliances and descents.
Pensils, small flags shaped like the vanes on pinnacles.
Source: Dictionary of Phrase and Fable, E. Cobham Brewer, 1894