n. & v.
n. 1 a a usu. cylindrical pin or bolt of wood or metal, often tapered at one end, and used for holding esp. two things together. b such a peg attached to a wall etc. and used for hanging garments etc. on. c a peg driven into the ground and attached to a rope for holding up a tent. d a bung for stoppering a cask etc. e each of several pegs used to tighten or loosen the strings of a violin etc. f a small peg, matchstick, etc. stuck into holes in a board for calculating the scores at cribbage. 2 Brit. = clothes-peg. 3 Brit. a measure of spirits or wine.
v.tr. (pegged, pegging) 1 (usu. foll. by down, in, out, etc.) fix (a thing) with a peg. 2 Econ. a stabilize (prices, wages, exchange rates, etc.). b prevent the price of (stock etc.) from falling or rising by freely buying or selling at a given price. 3 mark (the score) with pegs on a cribbage-board. off the peg (of clothes) ready-made. peg away (often foll. by at) work consistently and esp. for a long period. peg down restrict (a person etc.) to rules, a commitment, etc. peg-leg 1 an artificial leg. 2 a person with an artificial leg. peg on = peg away. peg out 1 sl. die. 2 score the winning point at cribbage. 3 Croquet hit the peg with the ball as the final stroke in a game. 4 mark the boundaries of (land etc.). a peg to hang an idea etc. on a suitable occasion or pretext etc. for it. a round (or square) peg in a square (or round) hole a misfit. take a person down a peg or two humble a person.
[ ME, prob. of LG or Du. orig.: cf. MDu. pegge, Du. dial. peg, LG pigge ]