Punchinella is the colorful plastic ribbon that is left over after sequins are punched out, often called "sequin waste". It's used in many craft projects like scrapbooks and greeting cards, often as a stencil. Also used as weatherproof ribbons and bows in floral displays. Usually found in 3" wide strips wound onto spools of 50 yards.
"She used several strips of punchinella on her scrapbook pages."