The Collaborative International Dictionary of English v.0.48:

Pearly \Pearl"y\, a.
   1. Containing pearls; abounding with, or yielding, pearls;
      as, pearly shells. --Milton.
      [1913 Webster]

   2. Resembling pearl or pearls; clear; pure; transparent;
      iridescent; as, the pearly dew or flood.
      [1913 Webster]

WordNet (r) 3.0 (2006):

pearly
    adj 1: of a white the color of pearls [syn: pearly, pearly-
           white]
    n 1: informal terms for a human `tooth' [syn: chopper,
         pearly]