An oldie. Pegity is a game where players insert wooden pegs into a punch board. The object is to get five pegs of your color in a row. There are also little pieces of paper inside with designs on them, such as a house, doll boat, etc... which younger children could make with the game's contents instead of actually playing the game. Not a particularly rare or great game, but probably an early 20th century borrower from the game of Go-Moku, much earlier than say Othello for example.