sheepskin

(-skin′)

noun

  1. the skin of a sheep, esp. one dressed with the fleece on it, as for a coat
  2. parchment or leather made from the skin of a sheep: the parchment is often used for documents, as diplomas
  3. Informal diploma

See sheepskin in American Heritage Dictionary 4

noun
  1. The skin of a sheep either tanned with the fleece left on or in the form of leather or parchment.
  2. Informal A diploma.

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