(peg) noun
1. A wooden pin used for fastening articles together or for holding fast the end of a string and adjusting its tension in a musical instrument.
2. A projecting wooden pin upon which something may be fastened or hung, or which may serve to mark a boundary.
3. Hence, a reason or excuse for an action: a peg to hang an argument upon.
4. A degree or step, as in rank or estimation.
5. Brit. A drink of brandy and soda or of whisky and soda.
6. Colloq. A leg, often one of wood.
—to take (one) down a peg To lower the self-esteem of (a person), as by humiliating.
—v. pegged, peg·ging v.t.
1. To drive or force a peg into; fasten with pegs.
2. To mark or designate with pegs.
3. To strike or pierce with a peg or sharp instrument.
4. Colloq. To throw: to peg stones.
—v.i.
5. To work or strive hard and perseveringly: usually with away.
6. In croquet, to hit a peg.
7. In cribbage, etc., to mark the score with pegs. [ME pegge <LG; cf. MDu. pegge]

(peg), Peg·gy (peg′ē)
Diminutive of MARGARET.