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The Collaborative International Dictionary
Peg top

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.

  6. A drink of spirits, usually whisky or brandy diluted with soda water. [India]

    This over, the club will be visted for a ``peg,'' Anglice drink.
    --Harper's Mag.

  7. (Baseball) a hard throw, especially one made to put out a baserunner.

    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.

WordNet
peg top

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