Wiktionary
n. trousers cut full in the waist and thigh area, and tapering to a cuff or gather at the ankle. Some pegged pants include a full cuff with buttons; others simply gather around an elastic band. This style was extremely popular in the 1950s and 1980s.
Usage examples of "pegged pants".
By the seventh grade, my mother took pity on me, so she spends the money and buys me some expensive pegged pants.
She supposed his attire was casual trendy with the dark pegged pants, the ankle boots, the long, hip-swishing shirt in the same amber hue as his lenses.
He was wearing a lime green Day-Glo jacket and matching pegged pants.
For an instant -- standing there in my father's closet, a grown man discovering the secrets of his youth, savoring the presence of the living past -- I saw myself as if in a mirror: a thin, gangly, pimply-faced boy of fourteen again, straight brown hair greased back with pomade, red button-down shirt, collar raised, leather jacket, black pegged pants.