sheepskin Meaning, Definition & Usage

  1. noun tanned skin of a sheep with the fleece left on; used for clothing
    fleece.
  2. noun skin of a sheep or goat prepared for writing on
    parchment; lambskin.
  3. noun a document certifying the successful completion of a course of study
    diploma.

WordNet

Sheep"skin` noun
Definitions
  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 1913