pelto

The fence, and the dictionary draws it plainly. The Reta Vortaro defines pelto as a specially prepared felo, generally one with fine hair, used as clothing or as trim. So the difference is not the animal and not the hair - it is the treatment. Felo is the skin as it comes off the beast, hair still on: the coat the animal wore and the raw material the furrier buys. Pelto is that skin after it has been dressed and made fit to wear. A fox running through a wood has a felo. The thing on the hanger is a pelto.

Which makes three words where English has two and a half.Haŭto is living skin, felo is the hide with hair, ledo is the hide tanned with the hair stripped, and pelto is the hide dressed with the hair kept. English pelt, fur, hide and skin overlap so freely that no two dictionaries carve them up the same way, which is why the reliable method is to translate by what is physically there rather than by the English word you started from.

The derivations, and one overlap worth knowing. Peltaĵo is a garment made of fur, peltisto a furrier, pelta the adjective. Felmantelo and peltmantelo are both said for a fur coat and nobody will stop you using either, though pelto on its own already carries the garment sense - ŝi portis pelton needs no mantelo after it. Modern Esperanto talks about pelto about as often as modern English talks about fur coats, and for the same reasons.