bugeye

[buhg-ahy]
noun, plural bugeyes. Nautical.
a ketch-rigged sailing vessel used on Chesapeake Bay.

Origin:
1880–85, Americanism; bug1 + eye, after the former practice of painting a large eye on each bow

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Based on the Random House Dictionary, © Random House, Inc. 2014.
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Similarly, large trees necessary for the construction of the traditional bugeye log hull were becoming scarce.
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