Principal English Translation:
something rotten (see Molina and Karttunen); corrupt (see Siméon)
Alonso de Molina:
palanqui. cosa podrida.
71m2-79r. col. 2. Alonso de Molina, Vocabulario en lengua castellana y mexicana y mexicana y castellana, 1571, part 2, Nahuatl to Spanish, f. Thanks to Joe Campbell for providing the transcription.
Frances Karttunen:
PALĀNQUI something rotten / cosa podrida (M) [(1)Cf.76v,(1)Tp.172]. Z has PALĒNQUI (once with the vowels of both the first two syllables long) with the sense 'distillery of aguadiente.' This may be a variant of PALĀNQUI and refer to the fermentation process. See PALĀN(I).
Frances Karttunen, An Analytical Dictionary of Nahuatl (Norman: University of Oklahoma Press, 1992), 185.
Attestations from sources in English:
palanquj, palãqui = rotten (central Mexico, sixteenth century)
Fr. Bernardino de Sahagún, Florentine Codex: General History of the Things of New Spain; Book 10 -- The People, No. 14, Part 11, eds. and transl. Arthur J. O. Anderson and Charles E. Dibble (Santa Fe and Salt Lake City: School of American Research and the University of Utah, 1961), 109, 132.
Attestations from sources in Spanish:
palanqui = corrupto (de palani, corromperse)
Rémi Siméon, Diccionario de la lengua náhuatl o mexicana (Mexico: Siglo XXI, 1988), xli.