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The Collaborative International Dictionary of English v.0.48:

Peag \Peag\ (p[=e]g), 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.]