The pop-up glossary was not at all useful in answering my question.
Haferlschuh is a proper noun, there is no real existing translation.
Schuh = shoe, ok
It derives somewhat from half. In former times people mainly wore boots and this was half of a boot.
The name "halfs" ([ha:vz]) is a homage to the only classic costume shoe - "Haferlschuh". It is not quite certain where the term "Haferlschuh" originates from. According to one assumption, the English term "half" is the origin; others say that the regional term for a coffee mug used in the Bavaria and Austria - "Kaffeehaferl" - served as a patron for the name. The Merriam-Webster Dictionary contains an interesting entry: the English term "half" originates from the Old High German term "halb." Got it?