Definify.com
Webster 1913 Edition
Sheepskin
Sheep′skinˊ
,Noun.
 1. 
The skin of a sheep; or, leather prepared from it. 
2. 
A diploma; – so called because usually written or printed on parchment prepared from the skin of the sheep. 
[College Cant] 
Webster 1828 Edition
Sheepskin
SHEE'PSKIN
,Noun.
  Definition 2025
sheepskin
sheepskin
English
Noun
sheepskin (countable and uncountable, plural sheepskins)
-  (uncountable) The skin of a sheep, especially when used to make parchment or in bookbinding.
-  1891, Outing: Sport, Adventure, Travel, Fiction (volume 17, page 137)
- I confess to having felt a prejudice against sleeping in a bag, more especially a sheepskin bag, which would probably have a muttony odor; but it was pronounced to be the warmest and least cumbersome form of bedding we could have […]
 
 
 -  1891, Outing: Sport, Adventure, Travel, Fiction (volume 17, page 137)
 - (US, countable) A diploma.
 - (countable or uncountable) The tanned skin of a sheep with the fleece left on, especially when used for clothing, rugs, etc.
 
Translations
skin of a sheep
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References
- OED