I am a maritime expert, and I've never heard of it in a maritime context either. In what situation did celtaddict hear this? The only thing resembling a "peg" in a maritime context is a belaying pin, which is refered to as a "pin" for short, or the round piece of wood holding a ship together called a treenail (pronounced "trunnel"). I have heard and agree with the terrestrial origins as descibed by Amos, but as to his peg-leg theory, well... he may just be "off his rocker." :) Sorry--I just couldn't resist.
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