I wrote elsewhere about something that was part of my New Jersey childhood autumns. We would gather cattails, dry them, light them, and blow out the flaming tip so there was a glowing and smoking tip. Some people said the smoke kept away mosquitoes and bugs, but honestly, we just liked the fire and smoke.
We called them punks, but until I wrote about that, I had no clue why that was the name we used for them. It may be a Jersey thing. There were also very small, manufactured punks that are still sold and are used as a lighter for fireworks and as an unscented incense stick.
Doing a bit of etymological research, I found the more common usages of the word.
I suspect that today, the most common usage might be as an adjective describing a loud, fast-moving, and aggressive form of rock music, popular in the late 1970s and early 1980s. Some of the genre's followers with their colored spiked hair and clothing decorated with safety pins or zippers could be called punks.
Earlier in North America, to call someone a punk would be saying they were a worthless person. The word shows up in 1950s movies, TV, and books as being close to being a criminal or hoodlum.
Slightly less derogatory American usage would be using it to describe an inexperienced young person or novice.
As a verb, it can be used to mean being tricked or deceived.
In sports, it can mean to totally beat or defeat an opponent.
The word's origin is late 16th century. I found that in an archaic sense, it meant a prostitute.
The closest I can find for my childhood usage is a North American, late 17th century (as noun) usage of uncertain origin, meaning a soft, crumbly wood that has been attacked by fungus, used as tinder to start a fire.