The modern use of the name Falco comes from various source languages, and in all those languages it means 'falcon'. Possibly, then, Falco represents a translation of a quite different Hobbit-name with that meaning. Alternatively, it may have had no meaning at all, and simply followed the phonetic pattern common to members of the Baggins family (as with Bingo, Bilbo, Frodo, and so on) in which case there would be no connection to the meaning 'falcon'.
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