A long while back we used to make thousands of pegs a year, mostly for other framers (a gig we sort of inherited from the Timber Bee) I busted the blanks, from billets cut from veneer grade butts, (in our regional case, pignut hickory because there is no real market for it here, and it can be had for short money) then stacked the blanks crib-like crosshatched to dry and shrink (one of the surprising aspects of this thread for me was the green wood thing, I want them dry for the same reason, to my mind a dry pin will act as a spring in the drawbore, a green one will just take a set and dry bent) for a week to ten, Then it was usually Molly riding the shaving horse - The final tally of all three ops, had us spitting out a pin on an average of every eight minutes.
At that, a peg cost more than most folks were willing to pay, so we now only make what we need. The only drawback being we don't need to buy strait clear butts with any regularity, so no logger is putting them aside on the landing for me anymore, so they're a bit harder to get when I do need one. That said, I still prefer to go that route, I want quick strait grained pegs not expensive kindling.
A really good Froe is a hard thing to find and a joy to use, a bad one is just hard to use. In my experience it should be wedge shaped top to bottom, not be simple flat stock with a bevel ground into one side like a cut edge.
Jim – I too have only found turned pegs in two historical barns, though turned 1” pegs are found relatively commonly in bridges, and specialty lathes to turn them were produced in fair numbers by various companies, sold primarily to bridgewrights and boatyards.
Brad - That head style is known as a “Dumbhead” I've built several of each type over the years, and prefer the “Bodgers” head.
