sheepskin

/SH IY1 P S K IH0 N/
noun
  1. 1

    The skin of a sheep, especially when used to make parchment or in bookbinding.

  2. 2

    A diploma.

  3. 3

    The tanned skin of a sheep with the fleece left on, especially when used for clothing, rugs, etc.

Source: https://en.wiktionary.org/wiki/sheepskin