Making a costume, what fabric would be best?

I'm trying to make a cape for a renaissance fair costume (full cape, like a cloak, not a half cape) and since that's going to be hanging close to the ground, I realized I'd need a material that can withstand being dragged around for hours. I want it to be durable and look good, and all I can think of is leather, but that's expensive. I wanted to get some second opinions, so tell me what you think.