I call this a sage beard because it was originally made as a unique accessory for my Saruman minifig.

All of my custom beards are designed (to the best of my ability) with playability in mind. As can be seen here, they compliment a whole array of helmets & hairs made by Lego, Oxford, and others leading manufacturers. The dimension of my beards are also slightly shorter in width than the ones molded by Lego, thus it is possible for them to fit under helmets where Lego's cannot. See the pictures for detail.