The Collaborative International Dictionary of English v.0.48:

Pinking \Pink"ing\, n.
   1. The act of piercing or stabbing.
      [1913 Webster]

   2. The act or method of decorating fabrics or garments with a
      pinking iron; also, the style of decoration; scallops made
      with a pinking iron.
      [1913 Webster]

   Pinking iron.
      (a) An instrument for scalloping the edges of ribbons,
          flounces, etc.
      (b) A sword. [Colloq.]
          [1913 Webster]