GNU Collaborative International Dictionary of English

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1.       
   Peag (pēg), n. [Written also peage, peak, peeke.] [Prob. of North American Indian origin, by shortening of wampumpeag.  RHUD.] A kind of aboriginal shell money, or wampum, of the Atlantic coast of the United States; -- originally applied only to polished white cylindrical beads.  See also wampum.
   
   [Webster 1913 Suppl.]