A peg cutter for the peg elements of stringed musical instruments, comprising a cutting-object receptacle, a blade with at least one cutting edge the position of which relative to the cutting-object receptacle is adjustable, and at least one contact element for the blade for defining the position of the at least one cutting edge relative to the cutting-object receptacle, wherein the cutting-object receptacle and the at least one contact element are formed in such a way that the at least one cutting edge lies on the envelope of a cone when the blade rests on the at least one contact element.