Pansy - literally the plant. However, just as the plant name pansy is used to describe a weak individual or homosexual, so is paunce.
Also note that you'll find that illiterate Brits have already tried to define this word here. For reference see the misspelling "ponce". You will find that most of them have already inferred the meaning of paunce, and have additionally altered it to include the definitions for dandy or fop.
When I talk smack about your mother, you hit me. No matter though, you hit like a limp-wristed paunce of a fancy-boy.
another word for penis
Dude, quit looking at my paunce