Green’s Dictionary of Slang

peg n.1

1. [17C+] the penis.

2. pertaining to the human leg [abbr. SE pegleg].

(a) [late 18C+] usu. in pl., a leg.

(b) [19C] a wooden leg; one who wears one.

(c) [1910s–60s] (US tramp) a one-legged person.

3. [1900s] (UK tramp) anywhere a free meal may be found [? play on spike n.2 (1)].

4. [1930s–60s] (US black) in pl., trousers that taper sharply [mid-19C SE peg-top trousers, very wide in the hips and correspondingly narrow at the ankles].

In compounds

peg-boy (n.)

[1960s–70s] a male homosexual prostitute.

peg-house (n.) [SE peg + house n.1 (1); the East Indian brothels where the boys allegedly sat on wooden pegs to maintain a well-distended anus]

1. [1910s+] a male brothel.

2. [1950s] (US Und.) a prison with a high level of homosexuality.

In phrases

play (at) mumble-de-peg (v.) [mumble-peg n.]

[early 17C; late 19C] to have sexual intercourse.

pull one’s pegs (v.) [gold-mining imagery]

1. [1920s] to leave.

2. [1930s–40s] (Aus.) to die.

SE in slang uses

In phrases

do one’s pegs (v.)

[1940s] (Aus.) to become angry, excited or anxious.