This wood, micro-suede covered peg can be used for only one flute at a time - an alto, OR a piccolo. 

For alto flute, use the large portion.  To convert it to a piccolo peg, simply screw the piccolo peg into the top of the alto peg.  The top of the alto peg is finished with a foam disc to protect and cushion the bottom of your piccolo while resting on the alto part of the peg.