The hide of a sheep with the wool still attached, or informally, a diploma or degree certificate.
Compound of 'sheep' and 'skin.' The informal meaning for diploma comes from the historical practice of writing important documents on sheepskin parchment due to its durability.
College degrees are still sometimes called 'sheepskins' because medieval universities literally wrote diplomas on prepared sheepskin parchment—it was the only material durable enough to survive centuries, so the material became a metaphor for the credential itself.
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