The Collaborative International Dictionary of English v.0.48:

Pellet \Pel"let\ (p[e^]l"l[e^]t), n. [F. pelote, LL. pelota,
   pilota, fr. L. pila a ball. Cf. Platoon.]
   1. A little ball; as, a pellet of wax on paper.
      [1913 Webster]

   2. A bullet; a ball for firearms. [Obs.] --Bacon.
      [1913 Webster]

            As swift as a pellet out of a gun.    --Chaucer.
      [1913 Webster]

   Pellet gun a gun that fires small pellets, less than 3 mm
      diameter, usually made of metal.

   Pellet molding (Arch.), a narrow band ornamented with
      smalt, flat disks.
      [1913 Webster +PJC]