A fake beard, similar to a fauxhawk (fake mohawk). Basically it's where the beard-grower (usually a man) has enough facial hair for it to be recognised as more than just stubble or bumfluff, but not enough facial hair for it to be recognised as a beard. Hence the inbetween part is called a "feard"
Ed: Check out my beard, it's so manly!
Jenny: Umm it's not really a beard though, is it?!
James: Yeah, it's a bit lame!
Ed: Hmm, okay then - check out my feard, it's so nearly
Jenny: Hell yeah it is!
James: Right on dude!