1894 Brewer’s / P / Peg or Peggy
for Margaret, corrupted into Meg or Meggy. Thus, Pat or Patty for Martha; Poll or Polly, for Mary, corrupted into Moll or Molly; etc.
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Entry taken from Dictionary of Phrase and Fable, edited by the Rev. E. Cobham Brewer, LL.D. and revised in 1895.