Etymology: Middle English pegge, probably from Middle Dutch
Date: 15th century
a. a small usually cylindrical pointed or tapered piece (as of wood) used to pin down or fasten things or to fit into or close holes ; pin, plug
b. British clothespin
c. a predetermined level at which something (as a price) is fixed
a. a projecting piece used as a support or boundary marker
b. something (as a fact or issue) used as a support, pretext, or reason <a news peg for the story> 3. a. one of the movable wooden pegs set in the head of a stringed instrument (as a violin) that are turned to regulate the pitch of the strings — see violin illustration b. a step or degree especially in estimation 4. a pointed prong or claw for catching or tearing 5. British drink <poured himself out a stiff peg — Dorothy Sayers> 6. something (as a leg) resembling a peg 7. throw; especially a hard throw in baseball made in an attempt to put out a base runner II. verb (pegged; pegging) Date: 1543 transitive verb 1. a. to put a peg into b. British to pin (laundry) on a clothesline 2. to attach or fix as if with a peg: as a. to pin down ; restrict b. to fix or hold (as prices or wage increases) at a predetermined level or rate c. to place in a definite category ; identify <was pegged as an intellectual> 3. to mark by pegs 4. throw intransitive verb 1. to work steadily and diligently — often used with away 2. to move along vigorously or hastily ; hustle III. adjective or pegged Date: 1681 wide at the top and narrow at the bottom <peg pants>
New Collegiate Dictionary. 2001.