Tassel
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A tassel is a ball-shaped bunch of plaited or otherwise entangled threads from which at one end protrudes a cord on which the tassel is hung, and which may have loose, dangling threads at the other end. Tassels are normally decorative elements, and as such one often finds them attached, usually along the bottom hem, to garments, curtains, or other hangings; and to mortarboards.
For an example of non-ornamental use of tassels see hilt.