Decorated with or having emblems; adorned with emblematic designs.
From emblem plus the suffix -ed, which forms adjectives meaning 'having' or 'possessing' (like 'talented' from talent). This creates the meaning 'having emblems.'
The -ed suffix doesn't always indicate past tense—'emblemed armor' and 'educated person' both use -ed to mean 'equipped with' or 'characterized by,' showing how English recycles the same suffix for wildly different jobs.
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