ᴺS. [N.] ^gwoe n. “envelope” (Category: to Wind, Wrap)
N. ui² n. “envelope” (Category: to Wind, Wrap)
A noun appearing as N. ui “envelope” in The Etymologies of the 1930s derived from ON. uia < wōia [wǭia] < ᴹ✶wāyā under the root ᴹ√WAY of similar meaning (Ety/WAY). It was used “especially of the Outer Sea or Air enfolding the world within the Ilurambar or world-walls”. In Noldorin of the 1930s, it seems the normal development of ancient āy was ui, with the initial w vanishing before u: wāyā > wǭia > uia > ui.
Neo-Sindarin: In Sindarin of the 1950s and 60s it seems ancient āy became oe, as with goe < ✶gāyā (PM/363). As such the initial w- from ✶wāya would survive to become gw-. Indeed, Tolkien had ancient *wāya become gwoe in notes from around 1957 attempting to derive an etymology for gwae “wind” (PE17/34). As such, I would adapt this Noldorin word as ᴺS. gwoe “envelope” for purposes of Neo-Sindarin. I would use it in the more general sense of “a thing enveloping something else”, and not just limited to envelopes used for letters.
References ✧ Ety/GEY, WAY
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Phonetic Developments
| ON. uia > ui | [uia] > [ui] | ✧ Ety/WAY |