1. A person who backs down from a fight or a confrontation; a ranker; a leva; a pussy.
2. Another name for a U.S. quarter (coin).
(Peseta has its origins in L.A. slang primarily used by Chicanos, and Mexicans, but spreading in popularity amongst other groups).
1. Homie #1: When I went up that vato and hit him up for doggin' me, the fucken ranker started running like a lil bitch.
Homie #2: Ha! Ha! Fuckin peseta, homes. You put him on the leva, ese.
2. Ey, carnal, trais una peseta? Necesito lavar mis calcetines.
Trans.: Hey, bro, do you have a quarter? I need to wash my socks.