Source : Webster's Revised Unabridged Dictionary (1913)

Poon \Poon\, n. [Canarese ponne.]
   A name for several East Indian, or their wood, used for the
   masts and spars of vessels, as {Calophyllum angustifolium},
   {C. inophullum}, and {Sterculia f[oe]tida}; -- called also
   {peon}.

Source : WordNet®

poon
     n 1: wood of any poon tree; used for masts and spars
     2: any of several East Indian trees of the genus Calophyllum
        having shiny leathery leaves and lightweight hard wood