"Norsewood Lions put the walkway through the park 40 years ago, but it had become overgrown, so we're putting the tracks back again, but this theft is very disappointing," Mrs Summers said.
"What the heck would they want those pegs for?
"Maybe firewood, but it was treated timber and wouldn't burn."
Dannevirke's Trevor Luke said the theft was "a bit sickening".
"That walk is magnificent and for everyone to enjoy," Mr Luke said.
Mrs Summers said staff from Horizons Regional Council have identified a number of the trees at Anzac Park.
"There are a lot of them more than 600 years old, so we're going to place plaques to let visitors know how significant they are."
Meanwhile, Norsewood Lions would like to hear from anyone who may know anything about what has happened to the load of pegs.