Source : Webster's Revised Unabridged Dictionary (1913)

Peg \Peg\, n. [OE. pegge; cf. Sw. pigg, Dan. pig a point,
   prickle, and E. peak.]
   1. A small, pointed piece of wood, used in fastening boards
      together, in attaching the soles of boots or shoes, etc.;
      as, a shoe peg.

   2. A wooden pin, or nail, on which to hang things, as coats,
      etc. Hence, colloquially and figuratively: A support; a
      reason; a pretext; as, a peg to hang a claim upon.

   3. One of the pins of a musical instrument, on which the
      strings are strained. --Shak.

   4. One of the pins used for marking points on a cribbage
      board.

   5. A step; a degree; esp. 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.'' --Longfellow.

   {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.

Source : WordNet®

peg top
     n : a pear-shaped top made of wood with a metal center pin