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.]

WordNet (r) 3.0 (2006):

peag
    n 1: small cylindrical beads made from polished shells and
         fashioned into strings or belts; used by certain Native
         American peoples as jewelry or currency [syn: wampum,
         peag, wampumpeag]