Woolsack
From BiblePortal Wikipedia
Webster's Dictionary [1]
(n.) A sack or bag of wool; specifically, the seat of the lord chancellor of England in the House of Lords, being a large, square sack of wool resembling a divan in form.
The Nuttall Encyclopedia [2]
The seat of the Lord Chancellor in the House of Lords, as Speaker of the House, being a large square cushion of wool covered with red cloth, without either back or arms.