GNU Collaborative International Dictionary of English

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Found one definition

1.       
   Mumbledy peg, Mumblety peg (?), n. A game played with a pocketknife, the object of which is to throw the knife in any of a vairety of ways (such as over the back), or from various positions, and have it stick in the ground or another surface.  Also called mumble-the-peg and mumble peg.
   
   [PJC]