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.]