IPA: /ˈpɛɡbɔrd/
KK: /ˈpɛgˌbɔrd/
A board that has holes and pegs, used for hanging items or playing games.
She organized her craft supplies on the pegboard in her workshop.
Pegboard → The word is formed from "peg" (from Middle English *pegge*, meaning a small cylindrical object used for fastening) and "board" (from Old English *bord*, meaning a flat piece of wood or material). A pegboard is a board that has holes or slots for pegs to be inserted, used for hanging or organizing items.
Think of a 'small cylindrical object' ('peg') that fits into a 'flat piece of wood' ('board') — that's how a pegboard helps you organize things.