In the traditional taxonomy of facial hair, a goatee is a beard formed by a tuft of hair on the chin. The word probably comes from the tuft of hair seen on an adult goat.

 

A Circle beard (or moutee) is a chin beard and mustache which are connected by hair on each side of the mouth to form a complete circle, our definition of a modern-day goatee.

 

I doubt any goatee fans were thinking of facial hair on the chin alone. *gags*

If the "cowboy look" was your definition of a modern day goatee...I'm changing my vote.