"silken fabric variegated with gold and silver or otherwise ornamented," 1560s, from Spanish brocado, corresponding to Italian broccato "embossed cloth," originally past participle of broccare "to stud, set with nails," from brocco (Spanish broca) "small nail," from Latin broccus "projecting, pointed" (see broach (n.)).
"to weave or work into a brocade," 1650s (implied in brocaded), from brocade (n.). Related: Brocading.
"excellent, fine, good, valuable," canting slang, 1560s, also rome, "fine," said to be from Romany rom "male, husband" (see Romany). A very common 16c. cant word (opposed to queer), as in rum kicks "Breeches of gold or silver brocade, or richly laced with gold or silver" [Grose, "Dictionary of the Vulgar Tongue," 1785].
By 1774 it also had come to mean rather the opposite: "odd, strange, bad, queer, spurious," perhaps because it had been so often used approvingly by rogues in reference to one another. Or perhaps this is a different word. This was the main sense after c. 1800.
Rom (or rum) and quier (or queer) enter largely into combination, thus--rom = gallant, fine, clever, excellent, strong; rom-bouse = wine or strong drink; rum-bite = a clever trick or fraud; rum-blowen = a handsome mistress; rum-bung = a full purse; rum-diver = a clever pickpocket; rum-padder = a well-mounted highwayman, etc.: also queere = base, roguish; queer-bung = an empty purse; queer-cole = bad money; queer-diver = a bungling pickpocket; queer-ken = a prison; queer-mort = a foundered whore, and so forth. [John S. Farmer, "Musa Pedestris," 1896]