From bands to balloons, here is a site that explores the evolution of speechballoons. 

From the site:

During the 18th century, British caricaturists changed the shape of speechballoons from gothic speech-bands or flags into fluffy balloons, our modern speechballoons.

I'm using the word speechballoon as the general, inclusive term. (The gothic form of speechballoons are speechbands, flags, scrolls or sheets of paper, the modern form of speechballoons are balloons, but also little rectangles, often rounded at the edges, or simply little blocks of text above the heads of the speaker etc, etc).

The 18th century term for speechballoons was 'labels'.

Here you can study various experiments and variations and the gradual change from bands to balloons. Even the later examples sometimes have tiny leftovers of the 'bands' on the other side of the balloon.

It's surprisingly interesting.  Take a gander.

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