The Collaborative International Dictionary of English v.0.48:

Valance \Val"ance\, v. t. [imp. & p. p. Valanced; p. pr. & vb.
   n. Valancing.]
   To furnish with a valance; to decorate with hangings or
   drapery.
   [1913 Webster]

         His old fringed chair valanced around with
         party-colored worsted bobs.              --Sterne.
   [1913 Webster]