Peg

n. [Cf. Sw. pigg, Dan. piig, pig, a point, prickle, A-S. pic or pic, a little needle or pin, pyccan, to prick.]

1Sense 1. A small, pointed piece of wood, used in fastening boards to hang any thing on; a wooden nail or pin.

2Sense 2. One of the pins of an instrument, on which the strings are strained. Shak.

A peg lower, or a peg down, a rank or degree one grade lower or more humble. [Colloq. and vulgar.] Hudibras.