a pin of wood or other material driven or fitted into something, as to fasten parts together, to hang things on, to make fast a rope or string on, to stop a hole, or to mark some point.
2.
Informal. a leg, either real or wooden: still on his pegs at 99.
3.
a notch or degree: to come down a peg.
4.
an occasion, basis, or reason: a peg to hang a grievance on.
5.
Also called pin.Music. a pin of wood or metal in the neck of a stringed instrument that may be turned in its socket to adjust a string's tension.
6.
Informal. a throw, esp. in baseball: The peg to the plate was late.
to keep (the commodity price, exchange rate, etc.) at a set level, as by manipulation or law.
16.
Informal. to throw (a ball).
17.
Journalism. to base (an article, feature story, etc.) upon; justify by (usually fol. by on): The feature on the chief of police was pegged on the riots.
18.
Informal. to identify: to peg someone as a good prospect.
–verb (used without object)
19.
to work or continue persistently or energetically: to peg away at a homework assignment.
20.
Informal. to throw a ball.
21.
Croquet. to strike a peg, as in completing a game.
–adjective
22.
Also, pegged.tapered toward the bottom of the leg: peg trousers.
—Idiom
23.
take down a peg, to reduce the pride or arrogance of; humble: I guess that'll take him down a peg!
Origin: 1400–50; late ME pegge (n.), peggen (v.) < MD
To fix the price of a new security issue during the issuance period through buying and selling it in the open market in order to ensure that the price in the secondary market will not fall below the offering price. Also called holding the market, price stabilization, stabilize. See also stabilization period.
To fix the rate at which foreign currencies exchange with one another.
[peg] 
noun, verb, pegged, peg⋅ging, adjective 