What is Peg?

Peg definition and meaning on Dictionary terms:
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.
Informal. a leg, either real or wooden: still on his pegs at 99.

a notch or degree: to come down a peg.
an occasion, basis, or reason: a peg to hang a grievance on.
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.
Informal. a throw, especially in baseball: The peg to the plate was late.
news peg.
Economics. the level at which some price, exchange rate, etc., is set.
British, Indian English. an alcoholic drink, especially a whiskey or brandy and soda.
British. clothespin.

verb (used with object), pegged, peg