Peag is a 4 letter English word. It's valid Scrabble word worth 7 points. It's valid Words with friends word worth 9 points.
You can make 27 anagrams from letters in peag (aegp).
1640-50, Americanism; shortening of wampumpeag
One by one, the chief threw off' his blanket, his silver-laced coat, and his belt of peag.