5. A step; a degree; especially. In the slang phrase To take one down peg. To screw papal authority to the highest peg. (barrow) And took your grandess down a peg. (Hudibras) Peg ladder, a ladder with but one standard, into which cross pieces are inserted. Peg tankard, an ancient tankard marked with pegs, so as divide the liquor into equal portions. Drink down to your peg. . Peg tooth. See fleam tooth under Fleam. Peg top, a boy's top which is spun by throwing it. Screw peg, a small screw without a head, for fastening soles.
Origin: OE. Pegge; cf. Sw. Pigg, Dan. Pig a point, prickle, and E. Peak.