The peavey was named for blacksmith Joseph Peavey of Stillwater, Maine, who invented the tool as a refinement to the Cant Hook (also known as a cant dog) in the 1850s. Many lumberjacks use the terms interchangeably, though a peavey will have a spike in the end of the handle, and a cant dog will have a blunt end or possibly small teeth for friction.
The Peavey Manufacturing Co. is still located in Maine and manufactures several variations.