Definition of "peg" []

• A small cylindrical or tapered pin, as of wood, used to fasten things or plug a hole. (noun)
• A similar pin forming a projection that may be used as a support or boundary marker. (noun)
• Music One of the pins of a stringed instrument that are turned to tighten or slacken the strings so as to regulate their pitch. (noun)
• A degree or notch, as in estimation: Our opinion of him went up a few pegs after he did the dishes. (noun)
• Chiefly British A drink of liquor. (noun)

American Heritage(R) Dictionary of the English Language, Fifth Edition. Copyright (c) 2011 by Houghton Mifflin Harcourt Publishing Company. Published by Houghton Mifflin Harcourt Publishing Company. All rights reserved.

• "There were many of his kind so maimed, and the wolfers, abbreviating the term peg-legs, called these three-footed ones "pegs.""
• "Whether the peg is adjusted slowly or abruptly in an emergency the Chinese will emerge the least scathed from any such event peg or not, all roads point to YUAN appreciation."
• "Analysts agree that further increases lie ahead, because despite strong opposition to joining the euro outright, the peg is a matter of national pride and a key source of stability."