1. a short piece of wood, plastic, or metal used to hang things on or to fasten things together
2. a wooden or plastic clip used to hang wet clothes on a line
Usage: chiefly British

1. to fasten or attach something with pegs
2. to set or fix something at a particular level or value

Examples

• She hung her coat on the wooden peg by the door.
• The tent pegs held the canvas firmly to the ground.
• He used clothespins to peg the shirts to the line.
• The company pegged salaries to inflation rates.
• She pegged the poster to the bulletin board.
• The currency was pegged to the dollar.
• Guitar tuning pegs adjust the tension of the strings.