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Three alternative meanings have been offered (courtesy of David Teague):
(1). A nickname for a handsome person from the Cornish 'tek' meaning
'fair'.
(2). An occupational name for a farmer or shepherd from the ME 'tegge' - a
sheep in its second year.
David comments: With one of these, I can't remember which but I think (2), there is a link
with the name TYACK which at one time, so it is claimed, was
interchangeable with TEAGUE. I'd seen little evidence of this but a few
months ago I was sent details of a St. Agnes family who emigrated to
Australia and actually did just this to the extent that the husband was
called TEAGUE on his death certificate and his widow, dying some years
later, TYACK. (Webperson's comments: From the Teague records held by the Resource Centre, it would appear that this interchangability was quite common in certain areas of Cornwall. )
(3). TIGHE. Anglicized name of GAEL O TAIDHG - descendant of TAIDHG. A byname meaning bard, poet, philosopher.
David says:
Perhaps the name derived from several sources and gradually became
standardized in the form we know to-day. Surely this must be how most names
developed?"
"I have a copy of a family tree
produced for the family of the two famous 19th century mine captains who
were both called William TEAGUE. The elder built Treliske.(Details on the Trivia page). They appeared to feel the need to have a family crest and appear to have adopted the one for
the TIGHEs of Ireland. However, a heraldry expert who went into the matter
claimed that there was no connection - 'both names are Celtic in origin and
one is likely to find versions of them in both Ireland and Cornwall.' He
goes on 'the Teagues were in Cornwall at least by 1538 when parish
registers began, and by inferences before that.' However, there does seem
to be definitely seem to be some thinking amongst TEAGUEs that many
generations ago the family had been expelled from Ireland before settling
in Cornwall.
Coat of Arms:  Although there is no such thing in heraldry as a "family" coat of arms (the right to Arms is given to an individual and can only be passed to the direct line), as there is a great deal of interest in the coat of arms granted to a Teague (!), click here for the graphic.
Origin of the Surname: 
To quote a member of the Cornish Family History Society: "Teague? That's a good old Cornish name!"
To enlighten non-English researchers, Cornwall has variously been described as "the pointy bit on the bottom corner of England", "an independant land which has never formally joined Great Britain" and "God's Own Country".
It has spawned a race of independant, rugged and yet wonderfully warm and generous people.
It is the legendary land of King Arthur; the land of fishermen, smugglers and miners ("look down a hole anywhere in the world and you'll find a Cornishman at the bottom") and it is the home of the concept of "dreckly" (why put off doing something today, when you can put off doing it tomorrow).
Other claims of origin from mainland Britain include (a) a corruption of 'Montague' from Hampshire and (b) a derivation of 'MacTavish' in Scotland. No evidence has been seen of any link to either of these names; in fact the Webperson has yet to see any evidence of any Teagues in Scotland prior to the 19c and suspects that the name Montague is of French derivation.
As far as the origin of the American Teagues is concerned, it seems fair to say that at present no-one knows from whence Edward Teague set sail for Maryland. Whilst many genealogists speculate that Edward was born in America, the son of either John Teague or William Teague, we have yet to receive any definitive evidence about this.
We are quite willing to publish alternative theories/claims - email your views to the Resource Centre.
If you know of any other meanings/origins, please let us know.