Webster's Revised Unabridged Dictionary · 1913

loony

loony (lon"y) , adjective

[Shortened from lunatic.]

1.
Crazy; insane; lunatic; mentally unsound.
See Luny. [Low, United States]
2.
Very foolish; very impractical; as, loony ideas.

loony (lon"y) , noun

someone mentally deranged and possibly dangerous.