a peg too low MeaningDejected; in low spirits. It originally referred to pegs that were inserted into draughts to measure how much alcohol had been consumed. If the peg was low, there wasn't much alcohol left to drink.
For example
I'm a peg too low right now, so I appreciate you coming by to cheer me up.
A: "Nick seems to be a peg too low today. Is he OK?" B: "Yeah, he just found out he got rejected from his first-choice school.
"Thank goodness we're going to the beach next week—I've been feeling a peg too low for a while.
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