A small, pointed piece of wood, used in fastening boards
together, in attaching the soles of boots or shoes, etc.; as, a shoe
peg.

A wooden pin, or nail, on which to hang things, as coats, etc.
Hence, colloquially and figuratively: A support; a reason; a pretext;
as, a peg to hang a claim upon.

One of the pins of a musical instrument, on which the strings
are strained.

One of the pins used for marking points on a cribbage board.

A step; a degree; esp. in the slang phrase “To take one down
peg.”

To put pegs into; to fasten the parts of with pegs; as, to
peg shoes; to confine with pegs; to restrict or limit closely.

To score with a peg, as points in the game; as, she pegged
twelwe points.

To work diligently, as one who pegs shoes; – usually with
on, at, or away; as, to peg away at a task.