The Collaborative International Dictionary of English v.0.48:

Bearskin \Bear"skin`\, n.
   1. The skin of a bear.
      [1913 Webster]

   2. A coarse, shaggy, woolen cloth for overcoats.
      [1913 Webster]

   3. A cap made of bearskin, esp. one worn by soldiers.
      [1913 Webster]

WordNet (r) 3.0 (2006):

bearskin
    n 1: the pelt of a bear (sometimes used as a rug)
    2: tall hat; worn by some British soldiers on ceremonial
       occasions [syn: bearskin, busby, shako]