The word "Woolward" is an archaic term that refers to a person who deals in woolen goods. Its spelling can be confusing as it deviates from the common English spelling rules. The word is pronounced as /ˈwʊlwəd/, and its spelling is derived from its Middle English origins. The "w" at the beginning of the word is a silent letter, and the double "o" represents a long "u" sound. Despite being an outdated term, the spelling of "woolward" is a fascinating example of the evolution of the English language.