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!
A beard which has the power to instill fear into man's heart.
Tom: Dude, did you see that crazy looking guy that just walled by?
Dick: Yeah, he was totally rocking a feard!